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Leading Greek yogurt brand Chobani files for an estimated $1.5 billion IPO

November 17, 2021

Chobani, a leading Greek yogurt brand in the US, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal that we estimate could raise up to $1.5 billion.

Chobani provides a portfolio of high-quality yogurt products. Its products come in single-serve, multi-serve, and/or multi-pack formats through approximately 95,000 retail locations in the US. Its key customers include Wal-Mart, Whole Foods, Amazon, Target, Kroger, Publix, Costco and Safeway/Albertsons, and it also sells its products to various other national and regional retailers. It also has an international presence. 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 plans to list on the Nasdaq under the symbol CHO. Chobani filed confidentially on July 6, 2021. Goldman Sachs, BofA Securities, J.P. Morgan, Barclays, TD Securities, Stifel, KeyBanc Capital Markets, and Canaccord Genuity are the joint bookrunners on the deal. No pricing terms were disclosed.