STOCKHOLM: Sweden’s Oatly, a pioneer in plant-based drinks, is eyeing a valuation that could exceed $10 billion in an upcoming initial public offering on Wall Street, the company said Tuesday. The company, which produces oat-based alternatives to dairy products, such as milk, yoghurt and ice cream, said it had applied to be listed on the Nasdaq under the ticker symbol “OTLY”.

Founded in the 1990s and now operating in about 20 countries, the Swedish company has taken off in recent years, boosted by the rise of vegan and vegetarian diets, as well as arguments for health and environmental benefits of alternatives to dairy.

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