Chobani Is Said to Weigh Initial Public Offering This Year
(Bloomberg) -- Food producer Chobani LLC is considering an initial public offering later this year, according to a person familiar with the matter.
The Norwich, New York-based maker of greek yogurt, oat milk and other products is seeking an offering that could value it at as much as $10 billion, the Wall Street Journal reported earlier, citing unidentified people familiar with the matter.
“As we create the food company of the future, we’ll look at all options carefully to fuel our ambitious plans, especially with oatmilk and plant-based products,” Chobani founder Hamdi Ulukaya said in an emailed statement shared by the company after being contacted by Bloomberg News. “An IPO is definitely one exciting direction but whether or not we’re public, we’ll keep disrupting and making things better.”
The company said it’s seeing sales growth that’s faster than the general market in key categories of oat milk, yogurt and creamer.
Food producers have broadly seen a sales boost in the last 12 months as restaurant consumption declines and consumers get more of their meals at home.
Closely held Chobani, which earns more than $1.5 billion in annual revenue, has found itself in the middle of the elevated eat-at-home craze, fueled by the pandemic. Right before the virus hit, the yogurt maker expanded into plant milks and coffee creamers, helping buoy sales as more Americans skip the coffee shop and make breakfast at home.
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