Chobani files to go public through IPO as its yogurt sales rise
Packages of Chobani yogurt sit on the shelf at a grocery retailer July 7, 2021 in Washington, DC.
Drew Angerer | Getty Pictures
Yogurt and oat milk maker Chobani on Wednesday filed to go public on the Nasdaq Change beneath the image “CHO,” changing into the most recent meals and beverage firm to attempt to be part of the general public markets.
Chobani mentioned its income grew 5.2% to $1.4 billion from 2019 to 2020. Nonetheless, its web loss greater than tripled throughout that point, reaching $58.7 million, because it invested again into its enterprise. Throughout the 9 months ended Sept. 25, its web gross sales development has outpaced its widening web loss, indicating that its investments could also be paying off.
Most of Chobani’s gross sales come from North America, however worldwide markets account for roughly a tenth of its income, based on the regulatory submitting. The corporate additionally mentioned that two prospects account for 10% of its web gross sales, as of Sept. 25.
CEO Hamdi Ulukaya based Chobani in 2005. The meals firm is credited for popularizing Greek yogurt however has not too long ago expanded into new product classes, together with espresso, espresso creamers and oat milk. Yogurt nonetheless accounts for many of its gross sales, and Chobani’s gross sales development is outpacing that of the class.
In July, the corporate confidentially filed for an IPO, and Reuters reported its valuation could exceed $10 billion.
Chobani mentioned it plans to make use of a portion of the proceeds from the IPO to pay down debt. The corporate can be planning to reorganize its company construction as a part of the method.
Quite a lot of different meals and beverage firms have joined the general public markets this yr, with combined outcomes. Chobani’s oat milk rival Oatly has seen the worth of its inventory reduce in half since its Could debut, whereas shares of coconut water maker Vita Coco have climbed 26% since its October IPO.