Chobani — the company famous for making Greek yogurt a thing — filed to go public under $CHO following a decision to IPO back in July. 😋
Chobani’s revenue increased 5.2% to $1.4 billion from 2019 to 2020, but its net loss also tripled during that time as Chobani invested capital back into its own business. In July 2021, Chobani’s valuation reportedly exceeded $10 billion. The company initially started manufacturing just Greek yogurt, but has since branched into coffee, coffee creamer, and oat milk.
Chobani shared that funds from its IPO would address debt and alter its corporate structure. Several food and beverage companies have also gone to market this year, but with mixed outcomes. For example, oat milk giant Oatly ($OTLY) plunged well below its IPO price this week.
Chobani’s CEO, Hamdi Ulukaya, founded the company in 2005. Ulukaya has expressed his interest in leveraging Chobani’s corporate power to address the global wealth inequality gap.