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HomeBusinessChobani withdrew IPO plans after the yogurt maker filed to go public...

Chobani withdrew IPO plans after the yogurt maker filed to go public in November

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Chobani yogurt packages on July 7, 2021 in Washington, DC. are sitting on the shelf in a grocery retailer.

Drew Anger | Getty Photographs

In line with , Chobani is withdrawing plans for its preliminary public providing A regulatory filing on Friday.

Meals and beverage firm Filed to go public on the Nasdaq exchange in November utilizing the ticker “CHO”. Reuters reported that it was looking for a valuation of greater than $10 billion.

However it has been a rocky yr for the inventory market, resulting in a drought of IPOs. Within the second quarter, there have been solely 41 preliminary public choices within the US, down 73% from the year-ago interval, in keeping with a current EY report.

The corporate didn’t give a cause within the submitting why it’s not looking for to go public. It didn’t instantly reply to a request for remark from CNBC.

In recent times, Chobani expanded its product portfolio past Greek yogurt, Adding oat milk, coffee creamers, Chilly brew espresso and yogurt drinks are included in its roster.

In its submitting to go public, the corporate mentioned its income rose 5.2% to $1.4 billion from 2019 to 2020. Nevertheless, its internet loss greater than tripled throughout that point, to $58.7 million, because it invested again into its enterprise. Chobani mentioned it deliberate to make use of a portion of the proceeds from the IPO to pay down debt. The corporate additionally mentioned it could restructure its company construction as a part of the method.

In March, amid delays to its IPO, Chobani’are the operational chiefs of that time Peter McGuinness left to Unattainable Meals, the place he now serves as chief govt.

That is breaking information. Please verify again for updates.

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