According to a regulatory filing on Friday, Chobani has withdrawn its intentions for an initial public offering. In November, the food and beverage firm filed to go public on the Nasdaq Exchange under the symbol “CHO.”
The yogurt company is seeking a valuation of more than $10 billion. However, the stock market has had a difficult year, resulting in a lack of IPOs.
According to a recent EY analysis, there were just 41 initial public offerings in the Americas in the second quarter, a 73% decrease from the previous year. Chobani is the latest firm to cancel its IPO this year, following payroll vendor Justworks, grocer Fresh Market, and file-sharing startup WeTransfer. According to the company’s IPO filing, revenue increased 5.2% from 2019 to 2020, reaching $1.4 billion.