Yogurt maker Chobani files for IPO

share on

twitter /
facebook /
linkedin /
- email
- telegram
- whatsapp
- wechat
- pinterest
- line
- snapchat
- reddit

Yogurt and oat milk maker Chobani has filed for an initial public offering (IPO) with the Securities and Exchange Commission. According to WSJ, Chobani has yet to disclose the number of shares it intends to offer to the public but plans to raise US$100 million in its IPO. Chobani also plans to use a portion of the proceeds from the IPO to pay its debt, while also reorganising the company's corporate structure in the process, CNN reported.

According to multiple sources such as CNN, Forbes and The Wall Street Journal, it will trade on the Nasdaq Exchange under the symbol “CHO". Chobani's revenue saw a 5.2% growth from 2019 to 2020, at US$1.4 billion, it has racked up annual net losses every year since 2016 as it invested back into its business, reported CNN. However, this year saw Chobani's net sales growth outpace its net loss, indicating that its investments may be paying off.

Earlier in July, Chobani had filed a confidential registration statement for a proposed IPO with the Securities and Exchange Commission. Chobani was founded in 2005 by CEO and chairperson Hamdi Ulukaya and started its business through the sales of greek yoghurt. Chobani currently also offers plant-based milks, coffee, and coffee creamers, among others.

Chobani joins other food and beverage companies that have entered the public markets this year. Oatly, Chobani's oat milk rival, raised US$1.4 billion in its IPO earlier in May but saw its stock value cut by half since. Meanwhile, Vita Coco has seen its shares increase by 26% since its IPO last month; according to CNN.

Last month, Chobani partnered with non-profit organisation Swipe Out Hunger to tackle the issue of college hunger. The partnership saw Chobani fund food security efforts at 23 schools, kickstarting or bolstering existing programs at those schools. It also held a virtual summit on 1 November, 2021 to raise awareness on college hunger, which sees students skip meals to cut corners and save money.

Chobani also partnered with Edesia Nutrition in September to launch Chobani Ends Child Hunger peanut butter flavored nutrient spreads. The spreads serve a dual purpose of helping solve child hunger, and offering a nutritious and safe way to introduce peanuts to infants. All profits form Chobani's peanut spreads will be donated to Edesia for the production of Plumpy'Nut, a peanut butter that nourishes children with acute malnutrition.

Power up your PR and communications efforts today with MARKETING-INTERACTIVE's PR Asia Week on 1 and 2 December. Learn ways to build an evidence-based practice, up the ante on your strategies, and be head and shoulders above your competition. Click here to register today!