On Wednesday, a person familiar with the matter told news agency Reuters that Chobani had confidentially filed the paperwork for an Initial public offering (IPO) at the Securities and Exchange Commission in New York. The Greek-yogurt food manufacturer makes a whole range of food products which are popular in the U.S. and overseas and its valuation has been put above $10 billion.
Chobani released a statement saying that it has not as yet determined the number of shares that will be offered to the public, nor has it agreed upon a share price. In June, Bloomberg News had reported that the company was planning to release an IPO in the second half of the year.
The pandemic increased home sales of ready to eat products. Healthy foods and plant-based foods saw huge gains as restaurants were shut and people looked at foods that were convenient to prepare and eat. Sales of Chobani products increased to high levels and some experts believe that the trend is bound to continue.
Chobani was founded in 2005 by Hamdi Ulukaya who was a Turkish immigrant to the nation. According to its website Chobani means shepherd in Turkish. Ulukaya bought an old yogurt plant after taking a small loan. The first Greek yogurt cup was displayed in an American store in 2007.
Chobani slowly expanded its operations and has opened factories in New York, Idaho, and Australia. The original operations of the company remain in upstate New York around Norwich and its South Edmeston yogurt factory. It also has a plant in Idaho which is the largest yogurt making facility in the world.
Although Chobani is well known for its Greek yogurt, it also manufactures other food products. They include oat milk, probiotic beverages, dairy, and plant-based creamers as well as ready-to-drink coffee. It recently launched Chobani Zero Sugar.
In 2016, PepsiCo wanted to acquire a major stake in the company, but its offer was rejected as the company wanted to maintain its independence. Now, it has begun the process to become a public listed company and its employees can expect a windfall as they will get a share of the stocks.