- On Friday, Chobani—which makes Greek-style yoghurt—withdrew its IPO plans, initially filed in November 2021 to go public on the Nasdaq Exchange using the ticker "CHO" while seeking a valuation of $10 billion+. However, the yoghurt maker, which has a 20% share of the US yoghurt market and 44% of the Greek-style yoghurt market, decided to hold off on its IPO due to the current economic downturn combined with the overall pause on IPOs.
- While filing the IPO, Chobani recorded losses of $58m as it invested back into its business.
It intended to use the proceeds from the IPO in paying back its debt, and restructure its corporate system. The withdrawal of the IPO comes as a surprise but Chobani is not alone in this.
- There were 46% fewer IPO deals globally in the first six months of 2022 compared to 2021, and IPO proceeds also dived by 58% during this time. Following this trend, Chobani has joined other companies in canceling its IPO this year. These include the grocer Fresh Market and file-sharing company WeTransfer.