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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 U.S. 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 (F:0ME), the self-driving car unit of Intel Corp (NASDAQ:INTC).
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 (NASDAQ:OTLY) AB and Beyond Meat (NASDAQ:BYND) Inc have struggled to bring in sales with people opting for much cheaper traditional dairy and meat.
Campbell Soup (NYSE:CPB) 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.
