- Yogurt maker Chobani ( CHO ) on Friday requested to withdraw its initial public offering (IPO) that it had initially filed for in November last year and then had delayed further amid unfavorable market conditions.
- Chobani in its November filing for an IPO had revealed that it generated revenue of $1.2B for the nine-month period ended Sept. 2021 and saw a net loss of $24M.
- The company had originally planned to go public late last year with a targeted valuation of $7B to $10B and under the proposed ticker symbol "CHO".
- However, the company reportedly postponed the IPO plans until at least the latter half of this year amid a volatile market environment and the departure of several top executives.
- "The Company has determined not to pursue, at this time, the contemplated initial public offering... the Company confirms that no securities have been sold," Chobani said in a regulatory filing .
- The yogurt maker did not provide any further details on the reasons for the IPO withdrawal.
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Yogurt maker Chobani files to withdraw IPO