An IPO set for this week, includes a company making a big investment in Fort Worth.
Oatly Group of Malmo, Sweden is offering 84.4 million shares, priced $15-$17, managed by Morgan Stanley/JP Morgan. Proposed symbol Nasdaq symbol OTLY. Oatly is a Swedish vegan food company known for its oat milk.
In late January, the Fort Worth City Council approved an economic development agreement with Oatly Inc., which has its U.S. headquarters in New York. for the development of a 280,000 square foot manufacturing production facility at 7550 Oak Grove Road in south Fort Worth. Oatly currently has two production facilities in New Jersey and Utah.
The manufacturing production facility is located at Junction 20/35, an industrial property that was acquired in 2020 by CIM Group. The 1.1 million square foot property consists of cold and dry storage as well as the land parcel at 7550 Oak Grove Road, site of the manufacturing plant.
The economic development agreement includes five annual grants totally $1.09 million and Oatly is expected to spend a minimum of $36 million in total construction costs before Dec. 2024. The new facility will create a minimum of 50 full-time jobs with an average annual salary of a minimum of $46,325.
The following is a list of other initial public offerings planned for the coming week. Sources include IPO ETF manager Renaissance Capital, and SEC filings.
The other IPOs for the week of May 17
Procore Technologies – Carpinteria, Calif., 9.5 million shares, priced $60-$65, managed by Goldman Sachs/JP Morgan. Proposed NYSE symbol PCOR. Business: Provides cloud-based construction management and collaboration software.
Squarespace – New York, 40.4 million shares, priced at $68.42, managed by Goldman Sachs/JP Morgan. Proposed NYSE symbol SQSP. Business: Provides an easy-to-use platform for business and individuals to create websites.
Transcode Therapeutics – Boston, 6.3 million shares, priced at $4, managed by ThinkEquity. Proposed Nasdaq symbol RNAZ. Business: Preclinical biotech developing RNA-based targeting for cancer.
ZipRecruiter – Santa Monica, Calif., 86.6 million shares, priced at $25.04, managed by Goldman Sachs/JP Morgan. Proposed NYSE symbol ZIP. Business: Operates an online job marketplace.
- Associated Press contributed to this report.