Norwich’s yogurt maker Chobani files for US IPO, reveals sales-surge

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Norwich’s yogurt maker Chobani files for US IPO, reveals sales-surge

On Wednesday, Chobani, the 16-year-old Norwich, New York-headquartered American food company specialized in strained yogurt, had disclosed its IPO (Initial Public Offerings) filings with US SEC (Securities and Exchange Commission), as the yogurt-maker looked to cash in on a roaring US capital market before rate-hike bets could start-off a mass-scale sell-off wave.

Nonetheless, the New York-based yogurt-maker founded back in the 2005s by a Hamdi Ulukaya, an Iranian businessman, did not disclose the financial terms of its US public market floatation, though, media headlines had reported back in July this year that the firm could be valued above $10 billion considering a growing appetite among US investors for plant-based foods and probiotic beverages.

Chobani’s latest move to go public in US capital market came forth months after Swedish vegan milk manufacturer, Oatly, had raised a stark upsum of $1.4 billion at an upsized US IPO in May this year, while, other plant-based food manufacturers such as Impossible Foods had reportedly been planning a US public market listing with targets to be valued at over $10 billion, suggesting an impeccable market landscape for vegan food manufacturers.

Yogurt-maker Chobani files for US IPO

According to Chobani’s IPO filings with US SEC, the New York-based firm had reported a 14 per cent upsurge in sales over first nine months of the year. In tandem, Chobani, that makes oatmilk, diary- alongside plant-based creamers and probiotic beverages apart from yogurt, is expected to be listed on Nasdaq under a ticker symbol “CHO”.

Nonetheless, Chobani, which means shepherd in Turkish, had reportedly been approached by PepsiCo back in the 2016s, but had been rejected, as the Norwich-headquartered yogurt maker sought to stay independent.