Chobani, a leading Greek yogurt brand in the US, withdrew its plans for an initial public offering on Friday. It originally filed in November 2021 with a proposed deal size of $100 million, and had not updated its filing since; at the time, we estimated that the IPO could have raised up to $1.5 billion.
The company did not disclose a reason for the withdrawal, though a spokesperson cited market conditions in a statement. As we noted in our Fall Preview, 2022 is on track to be the slowest year for IPO proceeds in our firm's 31-year history, and the Renaissance IPO Index lags the Nasdaq and S&P 500 year-to-date.
Chobani offers a portfolio of premium yogurt products sold in approximately 95,000 retail locations in the US. Since 2007, it has maintained its position as the #1 Greek yogurt brand, and it has expanded into new categories with products including oat milk, coffee creamer, ready-to-drink coffee and plant-based probiotic beverage lines.
The New Berlin, NY-based company was founded in 2005 and booked $1.5 billion in sales for the 12 months ended September 30, 2021. It had planned to list on the Nasdaq under the symbol CHO. Goldman Sachs, BofA Securities, J.P. Morgan, Barclays, TD Securities, Stifel, KeyBanc Capital Markets, and Canaccord Genuity were set to be the joint bookrunners on the deal.
