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Chobani (GIVE) is said to have postponed the initial public offering until at least the second half of 2022 amid unfavorable circumstances. market conditions and the departure of several top executives, including corporate executives.
The yogurt maker originally planned to go public by the end of 2021, with a target valuation of $7 billion to $10 billion, but has stalled 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 of Chobani’s top executives are leaving the company in an apparent management shuffle, the Journal reported. Executives about to depart include President and CEO Peter McGuiness, Chief Human Resources Officer Grace Zuncic, Chief Strategy Officer Michelle Brooks and Chief Corporate Affairs Officer Cristina Alesci.
Sources told the Journal that the departure was partly due to a delayed IPO.
Chobani Originally filed in November to hold an IPO. At the time, the company said it planned to raise $100 million, a number that is most likely a placeholder and subject to change. In the filing, the company reported a net loss of $24 million on revenue of $1.2 billion for the nine-month period ended September 25, 2021.
For a more in-depth look at Chobani, read Contributor Donovan Jones SA “Chobani pursues IPO in the US to pay off debt” or SA contributor David Trainer’s “Chobani’s low growth business is priced for high growth”.
