Reportedly going public
Founder Ulukaya has filed paperwork with regulators; $10B valuation possible
Chobani founder Hamdi Ulukaya has filed paperwork with regulators indicating he intends to hold a public offering of company shares so they can trade on the stock market.
Chobani, the Chenango County-based Greek yogurt-maker founded by University at Albany alumnus Hamdi Ulukaya, quietly filed paperwork with regulators indicating that it intends to hold an initial public offering of company shares so they can trade on the stock market, Reuters reported earlier this month.
The Reuters report didn’t specify which regulator Chobani filed so-called “confidential” paperwork with, although the assumption would be that it was with the U.S. Securities and Exchange Commission. The paperwork has not yet been made public.
Ulukaya dazzled the food industry several years ago when he gave away shares of the privately-held company to his longest-tenured employees, making them potential millionaires if the company ever held an IPO or was sold. Some new employees are also allowed to participate in a stock-grant program as well.
A $10 billion valuation would be on
the high end of the company’s expected value. No matter the precise amount, Chobani workers would be in line for a substantial payday as long as the stock goes up after an IPO.
Reuters said that Chobani has not decided yet how many shares to sell or settled on a price per share. The company has factories in upstate New York, Idaho and Australia.
Chobani’s headquarters is located in the town of New Berlin in Chenango
County, about a half hour southwest of Cooperstown.
The company’s plans come as Globalfoundries, the computer chipmaker, headquartered in the town of Malta, is planning a $30 billion IPO. However, the Wall Street Journal reported Thursday that chip giant Intel is also weighing whether or not to acquire Globalfoundries outright for $30 billion. Globalfoundries is also privately-held, owned by the government of Abu Dhabi.