x

Food

Chobani Files for U.S. IPO, Valuation May Exceed $10 Billion

NEW YORK – Yogurt maker Chobani filed the paperwork for its initial public offering (IPO) which could be valued at more than $10 billion, a person familiar with the matter told Reuters on July 8, “as the company confidentially filed regulatory paperwork for its stock market listing.”

“The food sector has gained investor attention over the past few years, especially as fast-food chains and upscale restaurants create new menus to attract health- and environment-conscious diners,” Reuters reported, adding that “Chobani, which means shepherd in Turkish, makes yogurt, oatmilk, dairy- and plant-based creamers and probiotic beverages, and ready-to-drink coffee.”

According to the company website, it was founded in 2005 by Hamdi Ulukaya, a Turkish immigrant to the United States, who took out a small loan and bought an old yogurt plant, and “the first cup of Chobani Greek yogurt hit store shelves in 2007,” Reuters reported.

“The company, which has factories in New York, Idaho and Australia, has not yet determined the number of shares it plans to sell or the price range for its proposed offering,” Reuters reported, adding that “it rejected a bid for a majority stake from beverage giant PepsiCo Inc in 2016, arguing that it wanted to remain independent.”

“Chobani’s peers are also looking at U.S. capital market which has hit all-time records in terms of capital raised through IPOs, Swedish vegan milk maker Oatly Group AB, which counts Oprah Winfrey among its backers, raised $1.4 billion in its U.S. IPO in May, while Reuters reported in April that Impossible Foods Inc is preparing for a public listing which could value the plant-based burger maker at around $10 billion.”

RELATED

As the warmer temperatures begin settling in, refreshing salads and sandwiches with plenty of vegetables added are a great choice for a healthy lunch.

Top Stories

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

General News

PHILADELPHIA – The Federation of Hellenic Societies of Philadelphia and Greater Delaware Valley announced that the Evzones, the Presidential Guard of Greece will be participating in the Philadelphia Greek Independence Day Parade on March 20.

Video

Mission, TNH’s New Travel Documentary Series with Clelia Charissis

Every weekend, TNH and Clelia Charissis are on a mission, traveling around Greece and the world to highlight places through the people we meet along the way.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.