Yogurt fans are in luck with recent news that Chobani’s hitting the public markets. The US-based food company specializing in strained yogurt and oat milk is set to go public under the ticker ‘CHO’ at a reported valuation of over $10b.
The company filed plans to list with the SEC on Wednesday and plans to use the money to streamline its corporate structure, while paying down some of its debts. Chobani is well-known in the US for its Greek yogurt product, with a recent line-up that also includes coffee, coffee creamers, and oat milk. The company saw an annual revenue increase of 5.2% in 2020, reaching $1.4b but also suffered a net loss of $58.7m due to increased investments into the business. In the nine months ending September 2021, though, the company’s net sales appear to have surpassed its net loss, putting Chobani on solid footing for a listing. Although the company’s mainly operational in the US, its international sales form approximately 10% of revenues — providing it with ample room to use listing proceeds for further growth.
why it matters
Chobani’s IPO joins the whole host of other food and beverage companies that are hitting the public markets this year — Chobani’s competitor, Oatly, went public in May 2021 and coconut-water maker, Vita Coco, IPO-ed in October.