Chobani confidentially files U.S. IPO, valuation could exceed $ 10 billion


July 7 (Reuters) – Greek yogurt maker Chobani could be valued at more than $ 10 billion on its initial public offering (IPO), a person familiar with the matter told Reuters on Wednesday, as the company filed so confidential regulatory documents for its SEO stock market.

The food business has captured the attention of investors in recent years, especially as fast food chains and upscale restaurants are creating new menus to attract health and environmentally conscious diners.

Chobani, which means shepherd in Turkish, makes yogurt, oat milk, dairy and plant-based creams, probiotic drinks, and ready-to-drink coffee.

It was founded in 2005 by Hamdi Ulukaya, a Turkish immigrant to the United States, who took out a small loan and bought a former yogurt factory, according to its website. The first cup of Chobani Greek yogurt hit stores in 2007.

Chobani Inc. founder Hamdi Ulukaya poses for a portrait at the company’s New York headquarters on December 13, 2012. REUTERS / Lucas Jackson

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The company, which has factories in New York, Idaho and Australia, has yet to determine how many shares it plans to sell or the price range of its proposed offering.

He rejected an offer to take a majority stake from beverage giant PepsiCo Inc (PEP.O) in 2016, arguing he wanted to remain independent.

Chobani’s peers are also looking at the US capital market which has set all-time records for capital raised through IPOs.

Swedish vegan milk maker Oatly Group AB (OTLY.O), which counts Oprah Winfrey among its backers, raised $ 1.4 billion when it went public in the United States in May, while Reuters has reported in April that Impossible Foods Inc was preparing for a public listing that could value the plant-based burger maker at around $ 10 billion.

Reporting by Sohini Podder and Uday Sampath Kumar in Bengaluru; Editing by Vinay Dwivedi

Our Standards: Thomson Reuters Trust Principles.

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