Chobani is considering going public later this year through an initial public offering.
The Wall Street Journal reported first reported the news. According to the newspaper, the food company is seeking a valuation of $7 billion to $10 billion.
Founded in 2005, Chobani is best known for its line of Greek yogurts, but in the last two years, it’s been branching out into different categories as sales growth of its signature product has slowed. It’s released oat milks, coffee creamers, probiotics drinks and even ready-to-drink coffee.
“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 and CEO Hamdi Ulukaya said in a statement. “An IPO is definitely one exciting direction but whether or not we’re public, we’ll keep disrupting and making things better.”
Hoopp Capital Partners, the private investment arm of the Healthcare of Ontario Pension Plan, has owned a minority stake in Chobani since 2018, when private equity firm TPG Capital exited its own investment.
Chobani’s IPO could pit it against Oatly, the Swedish company that helped popularize oat milk. CNBC has reported that Oatly is also looking to go public later this year.
Source: Business - cnbc.com
