Chobani files to go public through initial public offering as its yogurt sales rise

- Advertisement -


  • Chobani applied to go public on the Nasdaq exchange under the symbol “CHO”.
  • The company is credited with popularizing Greek yogurt, but has since expanded into new product categories.
  • Several other food and beverage companies have joined the public markets this year, with mixed results.

- Advertisement -

Yogurt and oat milk maker Chobani filed to go public on the Nasdaq exchange on Wednesday under the symbol “CHO,” becoming the latest food and beverage company to try to join the public markets.

- Advertisement -

Chobani said its revenue grew 5.2% to $1.4 billion from 2019 to 2020. However, its net loss more than tripled during that time, reaching $58.7 million, as it invested back into its business. During the nine months ended September 25, its net sales growth exceeded its broader net loss, indicating that its investments may pay off.

According to regulatory filings, most of Chobani’s sales come from North America, but international markets account for about a tenth of its revenue. The company also said that the two customers accounted for 10% of total sales as of September 25.

- Advertisement -

CEO Hamdi Ulukaya founded Chobani in 2005. The food company is credited with popularizing Greek yogurt, but has recently expanded into new product categories including coffee, coffee creamer and oat milk. Yogurt still accounts for most of its sales, and Chobani’s sales growth is outpacing this category.

In July, the company confidentially filed for an IPO, and Reuters reported that its valuation could exceed $10 billion.

Chobani said it plans to use a portion of the proceeds from the IPO to pay off debt. The company also plans to reorganize its corporate structure as part of the process.

Several other food and beverage companies have joined the public markets this year, with mixed results. Chobani’s oat milk rival Oatly has seen the value of its stock cut in half since early May, while shares of coconut water maker Vita Coco have climbed 26% since its October IPO.

,

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox