Chobani files to be published through listing as sales of yogurt increase

Packages of Chobani yogurt are on the shelves of a grocery store on July 7, 2021 in Washington, DC.

Drew Angerer | Getty pictures

On Wednesday, the yoghurt and oat milk producer Chobani applied to be listed on the Nasdaq stock exchange under the symbol “CHO”, and became the last food and beverage company to try to join the public markets.

Chobani said revenues grew by 5.2% to $ 1[ads1].4 billion from 2019 to 2020. However, net losses more than tripled during that time, reaching $ 58.7 million as they invested back into the business. During the nine months ended September 25, net sales growth has outpaced the increasing net loss, indicating that investments may yield results.

Most of Chobani’s sales come from North America, but international markets account for about a tenth of the revenue, according to the government archives. The company also said that two customers account for 10% of net sales, as of 25 September.

CEO Hamdi Ulukaya founded Chobani in 2005. The food company is credited for popularizing Greek yogurt, but has recently expanded into new product categories, including coffee, coffee creams and oat milk. Yogurt still accounts for most of the sales, and Chobani’s sales growth is higher than the category.

In July, the company confidentially applied for a listing, and Reuters reported that the value could exceed $ 10 billion.

Chobani said they plan to use part of the proceeds from the listing to pay off debt. The company also plans to reorganize the company structure as part of the process.

A number of other food and beverage companies have joined the public markets this year, with mixed results. Chobani’s oat milk rival Oatly has seen the value of the share halved since its debut in May, while the shares of coconut water producer Vita Coco have risen 26% since listing in October.

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