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Highlights
- Chobani Inc revealed divulged details about its initial public offering (IPO) plans on Wednesday, November 17.
- It also reported a significant surge in its net sales.
- The New York-based company had confidentially submitted its documents for an IPO with the US Securities and Exchange Commission (SEC) on July 7 this year.
Chobani Inc, a well-known Greek yogurt maker, has finally shone a light on its finances and listing plans since it filed to go public earlier this year.
The New York-based company had confidentially submitted its documents with the US Securities and Exchange Commission (SEC) on July 7 this year.
About four months later, on Wednesday, November 17, it revealed a significant surge in its net sales and divulged some of its initial public offering (IPO) plans.
Let’s dive in to get an idea of Chobani’s listing details.
Chobani Inc IPO details
The yogurt and oat milk manufacturer said on Wednesday that its is looking to list its shares on the Nasdaq Exchange under the ticker of ‘CHO’.
Chobani IPO: When & where to buy CHO stock?
When it filed for an IPO confidentially in July, some reports had claimed that its valuation could surpass US$ 10 billion.
Also read: Chobani IPO: How to buy this yogurt maker's stock?
While Chobani is yet to reveal its IPO price band or size, it has mentioned that it intends to use the net proceeds raised in the offering to pay off debts, buy its Class B and M units held by some executive officers, among other things.
On the financial front, Chobani said it generated net sales of about US$ 1.4 billion in the year ending December 26, 2020, which was a year-over-year (YoY) surge of 5.2 per cent.
In the same fiscal year, the food and beverage company also noted a growth of 7.8 per cent YoY in its adjusted EBITDA of US$ 191 million.
However, it also incurred a 202 per cent YoY surge in its net loss of about US$ 58.7 million in fiscal 2020, primarily because the company made wide investments into expanding its operations and business.
Also read: SoundHound-SPAC Archimedes merger: How to buy SOUN stock?
In the nine months ending September 25, 2021, Chobani’s net sales shot up by 13.8 per cent to US$ 1.21 billion, while its net loss grew by 12.1 per cent YoY to US$ 24 million.
Comparatively, Chobani’s latest net sales data show that it outgrew its widening net loss, which could be a reflection of the company gaining back some of its investments.
Bottomline
CEO and founder Hamdi Ulukaya established Chobani in 2005, naming it after the Turkish word for ‘shepherd’.
While the food company is popular for its Greek yogurt and still rakes in most of its revenue from it, it has been expanding its product range that now include coffee, creamers, plant-based milk, etc.
With most of its sales coming from North America, as per the regulatory filing, Chobani’s IPO is likely to draw a substantial interest from investors in the region. The enterprise, however, has not clarified on when we can expect the IPO to go live.
