Greek Yogurt Maker Chobani Files to go Public Through an IPO

Wall Street had some very exciting news to process this week. As yogurt sales move higher, Chobani has filed to go public through an initial public offering.

The Greek yogurt maker has filed to go public on the Nasdaq Exchange under the symbol “CHO.”

While Chobani is credited with popularizing Greek yogurt, the company has since expanded into new product categories.

The company recently 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 Sept. 25, its net sales growth has outpaced its widening net loss.

Most of Chobani’s sales come from North America, but international markets account for roughly a tenth of its revenue, according to the company’s regulatory filing. The company also said that two customers account for 10% of its net sales, as of Sept. 25.

CEO Hamdi Ulukaya founded Chobani in 2005. It was this past July that the company confidentially filed for an IPO, and Reuters reported its valuation could exceed $10 billion.

The company is planning to use a portion of the proceeds from the IPO to pay down debt. The company is also planning to reorganize its corporate structure as part of the process.

According to Bloomberg, the company listed the size of the offering as $100 million, which is good news for some employees.

Five years ago, Chobani gave 2,000 employees shares that would amount to 10% of the company’s future value in the event of an IPO.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.