Greek yogurt maker Chobani on Friday filed to withdraw its plans for an initial public offering in the United States, at a trying time for US markets reeling from heightened volatility and dampened investor sentiment.
The company did not provide any details for the IPO withdrawal. The listing could have valued Chobani at more than $10 billion, a person familiar with the matter told Reuters last year.
Several companies have shelved plans for their listings in the US this year as a selloff in the markets continues in the midst of recession concerns.
The tepid reception of recent listings also underlines the challenges facing IPO-bound companies, including social media platform Reddit and Mobileye, the self-driving car unit of Intel Corp.
Reuters reported in March that Peter McGuinness, Chobani’s former operating chief, will replace Pat Brown as the top boss at plant-based meat maker Impossible Foods.
Chobani in March delayed its market listing until at least the second half of 2022 or even 2023, according to a Wall Street Journal report.
The company’s decision comes at a time when plant-based food makers including Oatly Group AB and Beyond Meat Inc have struggled to bring in sales with people opting for much cheaper traditional dairy and meat.
Campbell Soup Co said on Thursday older customers were increasingly seeking cheaper store-brand options over its soups and broths against the backdrop of decades-high inflation.
Chobani, which means shepherd in Turkish, makes yogurt, oatmilk, and probiotic beverages. It was founded in 2005 by Hamdi Ulukaya, a Turkish immigrant to the United States who bought an old yogurt plant after taking a small loan.
The company did not immediately respond to a Reuters request for more details regarding the IPO withdrawal. (Reporting by Manya Saini and Praveen Paramasivam in Bengaluru; Editing by Shounak Dasgupta)