Chobani, an American food company, filed to go public on Wednesday, set to become the newest food and beverage company to attempt an IPO. It is set to go public on the Nasdaq Exchange under the ticker symbol “CHO.”
The company says that it foresees significant growth potential within its yogurt division amid recent launches of oat milk, coffee creamer, on the go coffee as well as its plant-based probiotic beverage line.
“We challenge the old, staid and conventional status quo represented by our legacy competitors by creating food that is delicious, natural, nutritious, and accessible. Throughout our history, we have paired our innovative mindset with deliberate investments in people, plants, and our sales and distribution platform (our 3Ps) that, coupled with unparalleled in-house execution capabilities, allow us to innovate rapidly and build scale across categories seamlessly. As a result, we believe we can move from concept to shelf more quickly than our competition and, importantly, with better quality, more natural and nutritious food options,” According to the company.
Chobani revealed that its revenue has risen 5.2% to USD1.4 Billion from 2019 to 2020. Meanwhile, the company’s net loss tripled throughout that time, totaling USD58.7 Million, after reinvesting funds back into the company.
After the company filed for an IPO in July, Reuters reported that its valuation could surpass USD10 Billion. The Food and Beverage company plans to use some of the funds from the IPO to pay debts and reorganize its corporate structure.