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YETI Holdings Inc. plans to raise $400 million by offering 20 million shares for $19 to $21 per share. This initial public offering values YETI at $1.7 billion.

Big coolers bring in big bucks. The brand that revolutionized an industry now aims to rake in $1.7 billion.

Austin, Texas-based cooler company YETI filed terms for its initial public offering (IPO) this week. The New York Stock Exchange (NYSE) approved to list its shares under the symbol “YETI.”

Founded in 2006 by two brothers, Roy and Ryan Seiders, YETI established itself as a premium cooler company. The brand saw a meteoric rise by capitalizing on the previously untapped market of high-end coolers.

Cortec Group Management Services LLC acquired YETI in 2012.

Now, the high-end cooler and outdoor brand plans to sell 2.5 million shares of its common stock. And the selling stockholders in its IPO plan to sell 17.5 million shares of its common stock.

Current shareholders include Cortec, which plans to sell 13.3 million shares. Cortec will own 43 million shares after this sale and control 51.4 percent stake.

Within the NYSE, YETI will be a “controlled company” per Cortec’s more than 50 percent ownership.

YETI estimates $41.5 million in net proceeds from the sale of shares after deducting estimated underwriting discounts, commissions, and estimated offering expenses. The underwriters have a 30-day option to purchase up to 3 million additional shares of the brand’s common stock from the selling stockholders.

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YETI IPO: $1.7 Billion Valuation

The brand crafts products known for their cost and rugged durability. And in recent years, YETI expanded beyond coolers to buckets, camp chairs, dog bowls, waterproof packs, and more.

This YETI’s second attempt at an IPO. In 2016, the brand sought a $5 billion valuation according to a report by the Wall Street Journal. YETI withdrew the IPO due to “market conditions” and did not offer more detail.

YETI is expected to price during the week of October 22, 2018.

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