Chobani Inc. is best known for its original flagship product, Greek-style yogurt. But the company in recent years has expanded to produce a broad range of new items. This includes new types of yogurt, including non-dairy yogurt alternatives, and other food products such as…
oat milk, dairy and non-dairy coffee creamers, ready-to-drink coffee, and plant-based beverages.
Chobani filed to go public through an initial public offering (IPO) on Nov. 17, 2021 amid a surge in investor interest in health-focused and socially responsible companies. Following the IPO, the company expects shares of its class A common stock to trade on the Nasdaq under the ticker symbol “CHO”. Chobani did not disclose the number of shares it expects to sell, the initial offering price, or the exact date of the offering in its S-1 registration form filed with the Securities and Exchange Commission (SEC). While Chobani said it expects to raise $100 million, that is a commonly used figure in IPO filings for the sole purpose of calculating a registration fee. The actual amount of money Chobani raises could vary dramatically from that number.
Chobani was founded in 2005 by Hamdi Ulukaya, the company’s chief executive officer (CEO) and chairperson. Ulukaya came across an advertisement for the sale of a shuttered yogurt factory in New Berlin, New York that had previously been owned by a large food conglomerate. After visiting the old, run-down factory, Ulukaya saw potential in the plant and the people who had previously worked there. He took out a small business loan, purchased the factory, and rehired five of the former employees. Together, they outlined a strategy that would eventually lead to the sale of the company’s first Greek-style yogurt in 2007.
Chobani built on the success of its yogurt and began offering a range of yogurt products that have rapidly gained market share in the U.S. The company says that, from the start, it has focused on building a single brand. CEO Ulukaya wants the brand to represent the company’s dedication to making high-quality, delicious, and healthy food, as well as working to make positive social and environmental change. Chobani eventually expanded its product offerings to include other food categories, such as oat milk and coffee creamer, both of which were launched in 2019.
On Oct. 14, 2021, Chobani elected to be treated as a public benefit corporation. This means that the company must balance the best financial interests of its stockholders with the best interests of any stakeholders materially affected by its business operations. For this reason…
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