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Sweden-based Oatly, backed by celebrities such as Oprah Winfrey, and Jay-Z, raised $1.43 billion on the first day of its initial public offering (IPO). Its shares opened at $22.12 in New York, rising 30% in the market debut on Thursday, fetching it a valuation of about $13 billion.The company filed for an IPO in February 2021. It had aimed to raise $1.27 billion to $1.43 billion by selling 84.4 million ADS for $15 to $17 per share, as per a regulatory filing. Oatly‘s 2020 financials showed a 106% jump in sales to $421.4 million, while losses went up to $60.4 million from $35.6 million in 2019. In July 2020, Oatly announced a deal to sell a 10% stake to the group of celebrities including Winfrey and Natalie Portman as well as the Blackstone Group for $200 million, valuing the company at $2 billion.Founded in 1994 by Rickard Oste, a professor of food chemistry and nutrition in Sweden, and his brother Bjorn Oste, Oatly gained worldwide recognition when it entered the European and U.S. market in 2016 after Belgium based investment management company, Verlinvest bought a majority stakeIt introduced non-dairy milk products such as ice cream, yogurt, and baking supplies like vanilla custard across 20 countries in Europe and Asia, whose sale has risen in recent years amid health and environmental concerns. Plant-based meat products such as Impossible Foods, which is considering an IPO later this year, are witnessing a surge in popularity.Oatly has hired Morgan Stanley, JPMorgan, and Credit Suisse as underwriters on the offering. At the time of publishing, the Swedish company, listed on NASDAQ under the ticker OTLY, was trading at $21.47 per share.