IPO Roundup: Outdoor gear company Yeti and Brazilian fintech company StoneCo set IPO terms

Yeti Holdings Inc, the maker of Rambler mugs, $400 coolers and outdoor gear, which filed for an IPO in early October with the US Securities and Exchange Commission, has set initial terms for its upcoming public offering.

The company said in the new filing that it plans to sell 20 million shares at $19 to $21 a share, indicating an IPO size of over $400 million.

If all goes as planned, the Cortec Group, which bought a roughly two-thirds stake in 2012 for about $67 million, could enjoy a big payday.

Yeti was founded nearly a decade ago by Texas brothers Roy and Ryan Seiders who sold coolers to Gulf Coast hunters and fishermen, but the company has since grown quickly with its popular mass-market Yeti brand coolers, mugs, waterproof blankets and cool camping gear.

Yeti first sought to go public in 2016 via a $100 million IPO, but promptly withdrew its offering citing “market conditions.”

The new IPO filing gives a peak at revenue. For 2016, Yeti which bills itself as an “emerging growth company” reported revenue of $818.9 million and net income of $48.8 million. That fell to revenue of $639.2 million and net income of $15.4 million in 2017. Yeti sales appear to be picking up steam again, as revenue for the first six months of 2018 is $341.5 million, compared to $254.1 million in the first half of 2017.

Yeti plans to list on the New York Stock Exchange under the “YETI” ticker. Meanwhile, Igloo Products Corp, Coleman Co and others have introduced new coolers with features like Yeti’s at lower prices.

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StoneCo set terms for its initial public offering, in which the Brazil-based fintech company plans to raise up to $1.10 billion in the year’s ninth billion-dollar IPO.

The company is offering 47.73 million Class A shares, and the IPO is expected to price between $21 and $23 a share. Of the total, the company is offering 40.91 million shares, while selling shareholders are offering 6.82 million shares.

There’s plenty of excitement about the IPO since Warren Buffett’s Berkshire Hathaway Inc (NYSE:BRK.A, NYSE:BRK.B) expressed an interest in buying 13.71 million shares in the public offering.

StoneCo applied to list its stock on the tech-laden Nasdaq under the ticker symbol “STNE.”

StoneCo is a now a profitable company. For the six months ended June 30, it had net income of $23.5 million on revenue of $170.2 million, compared with a loss of $20.3 million on revenue of $88.8 million in the same period a year ago.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive 

Story by ProactiveInvestors