Chobani files for IPO in U.S under wraps, with a valuation of up to $10 billion

Chobani, the Greek yogurt producer, might be valued at more than $10 billion in its initial public offering (IPO), Reuters reported, citing the sources familiar with the matter on Wednesday as the firm discreetly submitted regulatory papers for its stock market listing.

Chobani, which translates to "shepherd" in Turkish, manufactures yogurt, oat milk, dairy- and plant-based creamers, probiotic drinks, and ready-to-drink coffee.

According to its website, it was created in 2005 by Hamdi Ulukaya, a Turkish immigrant to the United States, who took out a modest loan and purchased an aging yogurt facility. Chobani Greek yogurt initially appeared on shop shelves in 2007.

Chobani pushed its fight against hunger campaign to the next level in 2020 and 2021. It held the first-ever national Child Hunger Summit, urging public-private collaborations to eradicate child hunger while donating and distributing millions of goods to food banks and anti-hunger organizations around the country.

The firm, which has plants in New York, Idaho, and Australia, has not yet decided how many shares it would sell or the price range for its proposed sale.

In 2016, it turned down an offer for a controlling interest from beverage behemoth PepsiCo Inc, citing a desire to stay independent.

Earlier in May Chobani has introduced Fair Trade Certified versions of all of their 32-ounce multi-serve Greek yogurt tubs, including Whole Milk Plain, Low Fat Plain, Non-Fat Plain, Strawberry Blended, and Vanilla Blended. According to the organization, these are the first dairy products to get accreditation.

Chobani's competitors Oatly Group AB, a Swedish vegan milk company backed by Oprah Winfrey, raised $1.4 billion in its May IPO in the United States.

With inputs from Reuters

Picture Credits: NBC News