Skip to main content

Greek Yogurt Maker Chobani Files To Go Public

Chobani will tap public equity markets in a bid to add new categories to its business of selling yogurt, oat milk and other non-dairy beverages.

Greek yogurt brand Chobani has filed to go public through an initial public offering, to add new categories and "to provide good food for all while improving communities."

The New Berlin, New York company will list on the Nasdaq under the ticker symbol CHO. The company did not share any details on number of shares to be sold or pricing.

The company said it sees significant growth potential for its yogurt products and adjacent categories.

It was founded in 2005 by Turkish immigrant Hamdi Ulukaya when he purchased a shuttered manufacturing plant in New Berlin in New York State,  with a dream of bringing healthy, high-quality food to more people. 

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

Chobani, which also sells oat milk, coffee creamer, coffee and non-dairy probiotic beverages, clocked net sales of $1.21 billion this year for the nine months ended Sept. 25.

The modern food company employs 2,000 people and sells its products in 95,000 retail locations across four countries.

For the year ended Dec. 26, 2020, Chobani had net sales of $1.4 billion and recorded a net loss of $58.7 million, the company said in its S-1 filing.

Chobani has international presence in Melbourne, Australia and participates in international export markets including Mexico and Canada.

Chobani has roughly $1.4 billion in debt as on Sept. 25, the company said.

The yogurt and beverage maker cautioned that changes in the market price of milk or cream or interruption in supply of milk "could materially and adversely affect" its operations and finances.

It added that the limited availability of raw materials and packaging materials and dependence on limited number of supplier could also impact its business and operations.

Goldman Sachs and BofA Securities are the lead underwriters for the offering.