Greek yogurt maker Chobani reveals sales jump in IPO filing

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(Businesshala) – Greek yogurt maker Chobani on Wednesday disclosed the paperwork for its US Initial Public Offering (IPO), showing a nine-month net sales jump of nearly 14%.

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The New York-based firm did not disclose the terms of its offering, but Businesshala reported in July that an IPO could value the company at more than $10 billion.

Chobani, which means shepherd in Turkish, makes yogurt, oatmeal, and dairy- and plant-based creamers and probiotic drinks.

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It was founded in 2005 by Hamdi Ulukaya, a Turkish immigrant to the United States who, according to his website, bought an old yogurt plant after taking out a small loan.

The first cup of Chobani Greek Yogurt hit store shelves in 2007.

The company, which has factories in New York, Idaho and Australia, in 2016 rejected a bid for a majority stake from beverage giant PepsiCo Inc., arguing it wanted to remain independent.

Chobani’s partners are also looking to go public, aiming to tap into strong market demand, which has helped companies raise unprecedented levels of capital through IPOs this year.

Swedish vegan milk maker Oatly Group AB raised $1.4 billion in its US IPO in May, while Businesshala reported in April that Impossible Foods Inc. is preparing for a public listing, valuing the plant-based burger maker at around $10 billion. It is possible.

Chobani is expected to be listed on the Nasdaq under the ticker symbol “CHO.”

Goldman Sachs and BofA Securities are the principal underwriters for this offering.

Reporting by Sohini Poddar; Editing by Devika Shyamnath

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