Vegan milk brand Oatly is planning a 2021 initial public offering that could raise $1 billion, sources familiar said.

The company, which is backed by Blackstone, Oprah Winfrey and Natalie Portman, has hired Morgan Stanley, JPMorgan Chase and Credit Suisse to manage the offering, sources said.

Oatly's valuation will depend on the status of the economy in the face of the uncertain Covid pandemic, the sources said.

The company declined to comment.