YETI (YETI) IPO Opens 7% Lower

Today's IPO for YETI Holdings, Inc. (NYSE: YETI) opened for trading at $16.75 after pricing 16,000,000 shares of common stock at a public offering price of $18 per share. 2,500,000 of the shares are being offered by YETI and 13,500,000 of the shares are being offered by certain selling stockholders.

In addition, the underwriters have been granted a 30-day option to purchase up to 2,400,000 additional shares of common stock from the selling stockholders at the public offering price, less underwriting discounts.

The shares are expected to begin trading on The New York Stock Exchange on October 25, 2018, under the symbol “YETI.” The closing of the offering is subject to customary closing conditions and is expected to occur on October 29, 2018.

YETI intends to use the net proceeds from the offering to repay a portion of its outstanding credit facility. YETI will not receive any proceeds from the offering of shares by the selling stockholders.

BofA Merrill Lynch, Morgan Stanley, and Jefferies are acting as lead book-running managers and as representatives of the underwriters for the proposed offering. Baird, Piper Jaffray, Citigroup and Goldman Sachs & Co. LLC are also acting as joint book-running managers for the proposed offering. KeyBanc Capital Markets, William Blair, Raymond James, Stifel, and Academy Securities are acting as co-managers for the proposed offering.

YETI is a rapidly growing designer, marketer, retailer, and distributor of a variety of innovative, branded, premium products to a wide-ranging customer base. Our brand promise is to ensure each YETI product delivers exceptional performance and durability in any environment, whether in the remote wilderness, at the beach, or anywhere else life takes you. We bring our products to market through a diverse and powerful omni-channel strategy, comprised of our select group of national and independent retail partners and our DTC channel. By consistently delivering high-performing products, we have built a following of engaged brand loyalists throughout the United States, Canada, Australia, and elsewhere, ranging from serious outdoor enthusiasts to individuals who simply value products of uncompromising quality and design. Our relationship with customers continues to thrive and deepen as a result of our innovative new product introductions, expansion and enhancement of existing product families, and multifaceted branding activities.

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