Chobani (CHO) has reportedly postponed an initial public offering until at least the latter half of 2022 amid unfavorable market conditions and the departure of several top executives, including its chief operating officer.
The yogurt maker had originally planned to go public in late 2021, with a targeted valuation of $7B to $10B, but has held off due to volatile market conditions. Chobani now plans to wait until the second half of 2022 or 2023, according to The Wall Street Journal.
Meanwhile, several top Chobani executives are leaving the company in an apparent management shakeup, the Journal reported. Departing executives include President and Chief Operating Officer Peter McGuiness, Chief People Officer Grace Zuncic, Chief Strategy Officer Michelle Brooks and Chief Corporate Affairs Officer Cristina Alesci.
Sources told the Journal that the departures were due in part to the delayed IPO.
Chobani originally filed in November to hold an IPO. At the time, the company said it planned to raise $100M, a figure that was most likely a placeholder and subject to change. In the filing, the company reported a net loss of $24M on revenue of $1.2B for the nine-month period ended Sept. 25, 2021.
For a more in-depth look at Chobani, read SA contributor Donovan Jones’s “Chobani Pursues US IPO to Pay Down Debt” or SA contributor David Trainer’s “Chobani’s Low Growth Business is Priced for Hyper Growth”.