Oatly and Investors Expect IPO to Raise Up to $1.65 Billion (1)

Oatly Group AB expects to raise as much as $1.65 billion for itself and its investors in an initial public offering, potentially giving the maker of plant-based food and drink products a total valuation of over $10 billion.

The Malmo, Sweden-based company is offering 64.7 million American depositary shares and expects an IPO price of $15 to $17 per ADS, with net proceeds to the company of $976.6 million at the middle of that range, according an amended filing Tuesday. The document adds details to Oatly’s original IPO filing last month.

Scottish asset-management firm Baillie Gifford has indicated interest in ...