On Wednesday, Chobani filed to go public as it listed on the Nasdaq Exchange. The greek yogurt who has expanded to making other products and has filed under the symbol “CHO.” It is the latest food and beverage company to offer an Initial Public Offering.
According to CNBC who reported the news the company said that its revenue had increased from 5.2 percent in 2019 to $1.4 billion in 2020. It also reported that its net losses at $59.7 percent had tripled during the same period of time as it had reinvested into its business.
It is also reported that in nine months ending September 25, its net growth sales was higher that its increasing net losses, which might be considered as positive as it could indicate that it could be reaping benefits from its investments.
Although North America provide the bulk of its sales, it also mentioned that about 10 percent of its revenue comes from overseas markets. The filing also stated that two customers were responsible for a tenth of its net sales.
Chobani had confidentially filed for a public offering in July. Reuters had reported that a person familiar with the matter had told them that the yogurt maker could have an estimated $10 billion value. The company said that it would use some of the revenue from its public offering to pare down its debt. It will also make changes in its corporate structure.
Food companies have had mixed results when they have gone public. Although the greek yogurt maker got a good offer from a giant food and beverage maker, it preferred to go public.
Chobani makes greek yogurt from 2005, when it was founded by Hamdi Ulukaya. It expand into other food products such as oat milk, coffee and coffee creamers. It has factories in New York, Idaho and Australia. Greek yogurt remains its largest selling food product.