The Chobani IPO is coming! The corporate introduced Wednesday that it had confidentially filed paperwork with the SEC for an preliminary public providing.
Chobani IPO: The Enterprise
The historical past of Chobani goes deeper than yogurt. It’s a producing story, within the phrases of the founder himself.
Hamdi Ulukaya based Chobani in 2005. Ulukaya, who immigrated to the USA from Turkey, acknowledged an unmet want within the American market. He turned impressed to introduce Greek yogurt to the U.S. market after feeling unimpressed with the standard of yogurt in America. He discovered the chance when a bit of unsolicited mail marketed a completely outfitted yogurt manufacturing unit.
In 2005, Ulukaya purchased the outdated Kraft yogurt plant in upstate New York utilizing a small-business mortgage. The plant was in tough situation and “kind of like a cemetery,” in accordance with Ulukaya. However it was lower than $1 million, a price ticket decrease than the price of a number of the particular person machines inside.
Chobani was a mere six individuals for the primary two years: Ulukaya, a grasp yogurt maker from Turkey and 4 workers who had labored on the Kraft plant. The corporate spent two years fine-tuning the recipe and packaging.
The primary cup of Chobani was able to hit the cabinets in 2007. From there, a booming enterprise was born. In the present day, Chobani has expanded past simply yogurt. Firm merchandise embody oat milk, dairy and plant-based creamers, ready-to-drink espresso, and plant-based probiotic drinks.
Should you’re keen on different funding alternatives within the business, try Oprah-backed OTLY inventory that just lately went public.
Chobani is a huge within the business. However how worthwhile is the yogurt market? Let’s take a more in-depth look…
American Yogurt Market in Its Infancy
The American inhabitants is changing into more and more health-conscious. Consequently, the yogurt market is flourishing. A food plan staple has advanced right into a breakfast, lunch, snack or dessert within the eyes of the American client. And the American yogurt market remains to be in its infancy.
Within the phrases of Ulukaya…
I don’t suppose enthusiasm for our product is a short-lived factor. Yogurt is simply getting began in America. Canadians eat 1 1/2 instances as a lot per capita as People, and Europeans eat as much as 7 1/2 instances as a lot. Now that good yogurt is out there right here, individuals are consuming extra. Foodies and cooks and nutritionists adore it.
In 2021, yogurt gross sales within the U.S. stand at $7.24 billion, up from $5.6 billion in 2011, a 29% improve. And Chobani is a key participant within the American yogurt business.
Let’s check out the corporate’s funds…
Chobani Funds
Chobani doesn’t disclose its funds. And with a confidential submitting, we will’t see the corporate’s monetary information to essentially know what’s occurring. However in 2017, Fortune reported that annual gross sales have been about $2 billion. And based mostly on how the market has grown, gross sales have seemingly climbed a lot greater.
In accordance with The Wall Avenue Journal, Chobani was in search of an inventory that will worth the corporate at $7 billion to $10 billion.
Because of the confidential nature of the submitting, not a lot monetary info has been given. However in case you stick round, we’ll provide the newest on the corporate’s funds when the submitting turns into public.
Chobani IPO Particulars
Chobani made bulletins that it filed IPO paperwork with the SEC on July 6 however provided few particulars past that.
The Chobani IPO submitting is confidential. In different phrases, the IPO date, worth vary and provide shares are unknown. Moreover, the corporate didn’t announce a market or ticker image.
The corporate didn’t say what trade it plans to listing on or which ticker image it’ll use however talked about it “expects to begin the general public providing following completion of the SEC evaluation course of, topic to market and different situations.”
As all the time, be certain that to analysis earlier than you make investments. IPOs are extremely unstable for the primary few months. But when IPO investing pursuits you, try our prime latest IPOs and our IPO calendar. It’s up to date day by day to provide the newest information on upcoming and filed IPOs.
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About Aimee Bohn
Aimee Bohn graduated from the Faculty of Enterprise and Economics at Towson College. Her background in advertising analysis helps her uncover priceless developments. Researching IPOs and different developments has been her major focus over the previous 12 months. When Aimee isn’t writing for Funding U, you’ll be able to normally discover her doing graphic design or touring with associates.
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