Packs of Chobani yogurt sit on a shelf at a grocery store on July 7, 2021 in Washington, DC.
Drew Angerer | beautiful pictures
Chobani is withdrawing its initial public release plan, according to a regulatory record on Friday.
Food and Beverage Company applied for listing on Nasdaq exchange using the code “FOR” in November. Reuters reported that it is seeking a valuation of more than $10 billion.
But it’s been a rough year for the stock market, leading to a drought of IPOs. In the second quarter, there were only 41 initial public offerings in the Americas, down 73% year-over-year, according to a recent EY report.
The company did not provide reasons in the filing for why it is no longer seeking to go public. It did not immediately respond to a request for comment from CNBC.
In recent years, Chobani has expanded its product portfolio beyond Greek yogurt, add oat milk, coffee creamers, cold brew coffee and yogurt drinks to its list.
In public filings, the company said its revenue grew 5.2% to $1.4 billion between 2019 and 2020. However, its net loss more than tripled during the period. that period, reaching $58.7 million as it reinvested in its business. Chobani said it plans to use part of the proceeds from the IPO to pay off debt. The company also said it would reorganize its corporate structure as part of the process.
In March, amid the IPO delay, Chobani’CEO then Peter McGuinness has left for Impossible Foods, where he is currently chief executive officer.
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