Greek yogurt maker Chobani files to withdraw U.S. IPO

This post was originally published on this site

https://i-invdn-com.investing.com/trkd-images/LYNXMPEI810WW_L.jpg

The company did not provide any details for the IPO withdrawal. The listing could have valued Chobani at more than $10 billion, a person familiar with the matter told Reuters last year.

Several companies have shelved plans for their listings in the U.S. this year as a selloff in the markets continues in the midst of recession concerns.

The tepid reception of recent listings also underlines the challenges facing IPO-bound companies, including social media platform Reddit and Mobileye (F:0ME), the self-driving car unit of Intel Corp (NASDAQ:INTC).

Reuters reported in March that Peter McGuinness, Chobani’s former operating chief, will replace Pat Brown as the top boss at plant-based meat maker Impossible Foods.

Chobani in March delayed its market listing until at least the second half of 2022 or even 2023, according to a Wall Street Journal report.

The company’s decision comes at a time when plant-based food makers including Oatly Group (NASDAQ:OTLY) AB and Beyond Meat (NASDAQ:BYND) Inc have struggled to bring in sales with people opting for much cheaper traditional dairy and meat.

Campbell Soup (NYSE:CPB) Co said on Thursday older customers were increasingly seeking cheaper store-brand options over its soups and broths against the backdrop of decades-high inflation.

Chobani, which means shepherd in Turkish, makes yogurt, oatmilk, and probiotic beverages. It was founded in 2005 by Hamdi Ulukaya, a Turkish immigrant to the United States who bought an old yogurt plant after taking a small loan.

The company did not immediately respond to a Reuters request for more details regarding the IPO withdrawal.