Sweden-based Oatly, which counts Oprah Winfrey and rapper Jay-Z among its prominent backers, has submitted plans for an initial public offering to regulators, the maker of vegan food and drink products said on Tuesday.

The company, which sells its Oatly brand of products in more than 20 countries across Europe and Asia, could be valued at more than $5 billion and has hired Morgan StanleyJPMorgan and Credit Suisse as underwriters on the offering, sources told Reuters.

The planned stock market listing comes as the plant-based food sector has gained investor attention over the past few years, especially as fast-food chains and upscale restaurants create new menus to attract health- and environment-conscious diners.

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