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Chobani says it will not go to IPO


Yogurt maker Chobani has withdrawn its plans for an initial public offering, according to CNBC.

The company originally planned to hit the stock market last fall using the ticker “CHO” but as BoiseDev previously reported, the IPO was delayed several times and pushed to later this year or next. Now the move won’t happen at all.

Chobani operates a large manufacturing facility in Twin Falls that employs more than 500 people, according to 2020 data from the Idaho Department of labor. When the company made its announcement to go public, the New York Times estimated the average employee would net $150,000 from such a payout – with some earning up to $1 million. While the Times estimated a $3 billion valuation, Chobani targeted a valuation between $7 billion to $10 billion, according to the Wall Street Journal.

Earlier this year, the Wall Street Journal reported that four c-suite executives were leaving Chobani: President and COO Peter McGuiness, Chief People Officer Grace Zuncic, Chief Strategy Officer Michell Brooks, and Chief Corporate Affairs Officer Christina Alseci.

Chobani didn’t give a reason for why it’s no longer seeking to go public and didn’t respond to a request for comment from CNBC.

Gretchen Parsons - BoiseDev Managing Editor
Gretchen Parsons - BoiseDev Managing Editor
Gretchen Parsons is BoiseDev's managing editor. Contact her at [email protected].

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