Chobani files to go public through IPO as its yogurt sales rise

Packages of Chobani yogurt lie on a shelf in a grocery store on July 7, 2021 in Washington, DC.

Drew Angerer | Getty Images

Yoghurt and oat milk maker Chobani filed Wednesday for an IPO on the Nasdaq Stock Exchange under the symbol “CHO,” becoming the latest food and beverage company to attempt to enter the public markets.

Chobani said her revenue grew 5.2% to $1.4 billion from 2019 to 2020. However, her net loss more than tripled during that period, to $58.7 million, as she invested in her business again. For the nine months ending September 25, its net sales growth outpaced its widening net loss, suggesting that its investment may pay off.

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

Chobani was founded by CEO Hamdi Elwokaya in 2005. The food company is credited with promoting Greek yogurt but has recently expanded to include new product categories, including coffee, coffee whiteners and oat milk. Yogurt continues to account for most of its sales, and Chobani’s sales growth is outpacing that of this category.

In July, the company secretly filed for an IPO, and Reuters reported that its valuation could exceed $10 billion.

Chobani said it plans to use a portion of the proceeds from the offering to pay off debt. The company is also planning to reorganize its corporate structure as part of the process.

A number of other food and beverage companies have joined the public markets this year, with mixed results. Oatly, Chobani’s oat milk rival, has seen its stock value halve since its IPO in May, while shares of coconut water maker Vita Coco are up 26% since its initial public offering in October.

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