Chobani plans to launch its long-awaited initial public offering in 2024 if market conditions stabilize, according to two sources familiar with the Greek-style yogurt maker’s plans.

After first filing to go public in November 2021, the Norwich, New York-based company delayed its IPO in March 2022 amid a C-suite shuffle that saw it replace its chief operating officer. It withdrew its S-1 in September 2022, citing poor market conditions and geopolitical concerns such as the war in Ukraine.

Shortly after it nixed its IPO, Chobani hired a new chief financial officer, chief people officer, and chief legal officer, all of whom have public market experience. It also hired a senior vice president of international development. Four months ago, Chobani brought in a new chief marketing officer, Thomas Ranese, who held leadership roles at Uber and Google.

Now that those leadership roles have been filled, the company is better positioned for a market debut, the sources said.

The CEO remains Hamdi Ulukaya, a Turkish immigrant who founded Chobani in 2005 after he purchased a defunct food factory in New York. Ulukaya is the majority owner. Hoopp Capital Partners, the investment arm of the Healthcare of Ontario Pension Plan, owns a minority stake.

Goldman Sachs and BofA Securities are expected to remain lead joint bookrunners for the process, according to the sources. The yogurt purveyor plans to seek a valuation north of USD 10bn, they said.

Chobani is generating more than USD 2bn in annual sales and growing between 20-25% year over year, the sources said. It has captured more than one-fifth of the yogurt market in the US, they added.

In addition to Greek-style yogurt, Chobani produces oat milk, creamer, and coffee products. It differentiates itself from competitors by making products in-house. The firm has manufacturing facilities in New York, Idaho, and Australia. It also touts its high protein content, thick texture, taste, natural ingredients, and price points for a wide variety of consumers. Chobani’s products are available throughout North America and distributed in Australia and other select markets.

Comparable public companies include other yogurt makers such as Danone [EPA:BN], General Mills [NYSE:GIS], Hain Celestial Group [NASDAQ:HAIN], Meiji Holdings [TYO:2269], Saputo [TSX:SAP] and Yili Group [SHA:600887], according to the sources.

Gibson Dunn and Davis Polk provide legal advice to Chobani.

Chobani did not respond to a request for comment.