Packages of Chobani yogurt sit on the shelf at a grocery store July 7, 2021 in Washington, DC.
Drew Angerer | Getty Images
Chobani is withdrawing plans for its initial public offering, according to a regulatory filing on Friday.
The food and beverage company filed to go public on the Nasdaq Exchange using the ticker “CHO” in November. Reuters reported that it was seeking a valuation of more than $10 billion.
But it’s been a rocky year for the stock market, leading to a drought of IPOs. In the second quarter, there were just 41 initial public offerings in the Americas, down 73% from the year-ago period, according to a recent EY report.
The company did not provide a reason in the filing for why it’s no longer seeking to go public. It did not immediately respond to a request for comment from CNBC.
In recent years, Chobani expanded its product portfolio beyond Greek yogurt, adding oat milk, coffee creamers, cold brew coffee and yogurt drinks to its roster.
In its filing to go public, the company said its revenue grew 5.2% to $1.4 billion from 2019 to 2020. However, its net loss more than tripled during that time, reaching $58.7 million, as it invested back into its business. Chobani said it planned to use a portion of the proceeds from the IPO to pay down debt. The company also said it would reorganize its corporate structure as part of the process.
In March, amid delays to its IPO, Chobani’s then-operating chief Peter McGuinness left for Impossible Foods, where he now serves as chief executive.
This is breaking news. Please check back for updates.
