Oatly Group AB ADR soared out of the gate, with shares opening at $22.12, 30.1% higher than the IPO price of $17. Oatly offered 84.4 million American Depository Shares. The stock retreated within minutes to a 26.5% rise, trading at about $21.30, which values the company at $12.6 billion. Oatly is a plant-based food company known for its oat milk, frozen dessert and “oatgurt” product. The company is backed by the private-equity group Blackstone Group as well as big-name celebrities like Oprah Winfrey and Jay Z. Lead underwriters for the IPO were: Morgan Stanley, JPMorgan, Credit Suisse, Barclays, Jeffries, BNP Paribas, BofA Securities, Piper Sandler and RBC Capital Markets. The Renaissance IPO ETF has fallen 9.7% for the year to date while the S&P 500 index has gained 10.9% for the period.

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