Oatly Group AB expects to raise as much as US$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 US$10 billion.

The Malmo, Sweden-based company is offering 64.7 million American depositary shares and expects an IPO price of US$15 to US$17 per ADS, with net proceeds to the company of US$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 buying as much as US$500 million of the ADSs in the offering, Oatly said.

Oatly was started by brothers Rickard and Bjorn Oste. Using technology based on research from Sweden’s Lund University, the company turns fiber-rich oats into liquid food.

Oat milk, which was essentially nonexistent in the U.S. before Oatly’s entrance, saw a 151 per cent jump in sales in dollar terms at retail outlets during the 52-week period ended March 13, according to NielsenIQ. The plant-based dairy category as a whole rose 20 per cent during the same period. By sales, oat milk is the second-most popular option after almond milk.

In July, Oatly secured US$200 million in new capital from investors led by Blackstone Group Inc. The group also included celebrities such as Oprah Winfrey and Jay-Z, as well as Starbucks Corp. founder Howard Schultz. The company was valued at about US$2 billion in the round.

Oatly said Tuesday that it would use US$188.3 million of the IPO proceeds to repay a “sustainability linked loan” agreement with a host of European banks, US$10.8 million for a portion of its bridge financing, and the rest for working capital to fund growth.

Morgan Stanley, JPMorgan Chase & Co. and Credit Suisse Group AG are leading the offering. Oatly plans to list its shares on Nasdaq Global Select Market under the symbol OTLY.