Chobani LLC revealed it filed a "confidential draft registration statement" with the Securities and Exchange Commission on July 6 for a proposed public offering of common stock.
The number of shares of common stock to be sold and the price range for the proposed offering have not yet been determined. Chobani expects to commence the public offering following completion of the SEC review process, subject to market and other conditions.
The filing confirms a report in the Wall Street Journal back in February that this could be the year the company finally goes public. It's believed the company -- our 2012 Processor of the Year -- remains majority-owned by founder Hamdi Ulukaya, although there may be equity-backed loans; plus Ulukaya in 2016 gave about 10 percent of the company to its then-2,000 or so full-time employees.
This is not the first time the company has been rumored to be in the market for public funding, but it is the first time they filed paperwork to do so. Chobani reportedly turned down an acquisition offer from PepsiCo in 2016 and possibly Coca-Cola too.
While most identified with Greek-style yogurt, Chobani has broadened its portfolio recently, launching dips, coffee creamers, cold-brew coffee and a product in the hot oat milk category. The cash infusion that would come from an IPO would help with future launches.
Our Top 100 list figures Chobani sales at about $1.5 billion. Financial reporting on this possible IPO put the company's market value at $7-10 billion.