Market Overview

Yeti's IPO: What You Need To Know

Yeti's IPO: What You Need To Know

Outdoor lifestyle company Yeti is set to begin trading on the New York Stock Exchange under the ticker symbol “YETI.”

The Details

Yeti plans to sell 20 million shares of common stock in a range of $19 to $21 per share and raise gross proceeds of $400 million, according to the company's S-1 filing.

On Thursday, Yeti priced its 16 million share IPO at $18 per share. Shares opened at $16.74.

Based on the S-1, Yeti plans to use the net proceeds to repay outstanding borrowings under the credit facility the company entered in 2016. The remainder of proceeds will be used for additional corporate purposes.

Yeti previously filed for the same initial public offering in 2016, but withdrew its filing earlier this year. The main bookrunners for the offering are Bank of America Merrill Lynch, Morgan Stanley, Jefferies, Baird and Piper Jaffray.

The Company

Founded in 2006, the retail company develops products for activities such as fishing, hunting, camping and tailgating. The customer base known as “YETI Nation” has added 1.4 million new customers since 2013, according to company data.

“As we have expanded our product lines, extended our YETI Ambassador base and broadened our marketing messaging, we have cultivated an audience of both men and women living throughout the United States and, increasingly, in international markets," the company said.

Per the S-1 filing, the company’s net sales growth increased from $89.9 million in 2013 to $639.2 million in 2017, for a compound annual growth rate of 63 percent. Additionally, operating income surged from $15.2 million to $64 million, representing a 43-percent increase. The company also reported a net income of $15.4 million, up from $7.3 million.

Some of Yeti's main competitors are Igloo Products Corp., RTIC and Orca.

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Photo by Tony Webster/Wikimedia.


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