Chobani has withdrawn its initial public offering (IPO) efforts and will remain a private company in the near future. The company first attempted to go public in 2021 and for a second time again in January this year. The business was targeting a valuation between US$7 billion and US$10 billion.
“Given the current market conditions, we have decided to withdraw our S-1 Registration Statement currently filed with the Securities and Exchange Commission,” explains a Chobani spokesperson.
“Our focus remains on strong execution and driving profitable growth.”
This has been a complex year for the dairy industry as commodity prices in the sector are 23.5% higher than in August 2021, according to the UN Food and Agriculture Organization. Although milk prices are somewhat stabilizing due to increased supply in countries like New Zealand, world cheese prices, otherwise, market a tenth consecutive month of rising prices.
Chobani produces non-GMO greek yogurt, oatmilk, dairy, plant-based creamers, ready-to-drink coffee and plant-based probiotic drinks.
