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Oatly shares surge in U.S. market debut, valuing oatmilk maker at $13 billion

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By Echo Wang and Noor Zainab Hussain (Reuters) -Shares of Oprah Winfrey-backed Oatly Group AB jumped 30% in their market debut on Thursday, valuing the Swedish oatmilk maker at about $13 billion, as demand for plant-based food products surges globally. Oatly’s strong debut, along with that of construction software firm Procore Technologies, is expected to restore short-term confidence in U.S. initial public offerings. That market has been rocked by recent inflation fears that forced investors to abandon growth stocks. Shares of Sweden-based Oatly, whose investors also include rapper Jay Z and …

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