Greek yogurt maker Chobani reveals sales boost in IPO filing

Greek yogurt maker Chobani is for sale at a grocery store in San Diego, California. July 07, 2021. REUTERS / Mike Blake

Nov. 17 (Reuters) – Greek yogurt maker Chobani on Wednesday lifted the lid on its finances for the first time in its New York IPO filing, revealing a nearly 14% increase in net sales.

The New York firm did not disclose the terms of his offer, but Reuters reported in July that an IPO could estimate the company to be worth more than $ 10 billion when it submitted its IPO documents confidentially to the state Securities and Exchange Commission. -United. Read more

The food business has captured the attention of investors in recent years, especially as fast food chains and high-end restaurants are creating new menus to attract diners who are concerned about their health and the environment.

Chobani, which means shepherd in Turkish, makes yogurt, oat milk, dairy and plant-based creams, and probiotic drinks.

It was founded in 2005 by Hamdi Ulukaya, a Turkish immigrant to the United States who bought an old yogurt factory after taking out a small loan, according to his website.

The first cup of Chobani Greek yogurt hit stores in 2007.

The company, which has factories in New York, Idaho and Australia, rejected a majority stake offer from beverage giant PepsiCo Inc (PEP.O) in 2016, arguing it wanted to remain independent.

Chobani said he was able to meet 98% of increased demand last year despite hurdles posed by the COVID-19 pandemic, which included reduced sales of cream due to the drop in catering industry, associated with higher prices for other milk components.

The company is expanding its manufacturing capacity at its plant in Australia to launch its chilled oat drinks by the end of this year.

Chobani expects to be listed on the Nasdaq under the ticker symbol “CHO”.

Goldman Sachs and BofA Securities are the main underwriters of the offering.

Reporting by Sohini Podder; Editing by Devika Syamnath and Sriraj Kalluvila

Our standards: Thomson Reuters Trust Principles.

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Virginia C. Taylor