When Yeti Coolers LLC filed paperwork to start the process for a $100 million public offering back in July 2016, market observers at the time touted it as a sure thing, considering the Austin company had such a highly visible consumer brand.
Nearly two years later, Yeti's IPO is off the table.
In a regulatory filing on March 23, Yeti officials asked the U.S. Securities and Exchange Commission to withdraw the offering, saying it has decided not to proceed "due to market conditions."
Founded in 2006 by brothers Roy and Ryan Seiders, and led by CEO Matthew Reintjes, the privately held company that makes high-end recreational coolers, drink tumblers and related products disclosed in its IPO paperwork that it had net income of $74 million on sales of $469 million in 2015. The company was reportedly going for a $5 billion valuation, but in October 2016 Yeti was already getting skittish about the stock markets.
Despite the news of the IPO withdrawal, Yeti Coolers has certainly been in the headlines of late. The new offices in Southwest Austin that house Yeti's headquarters recently changed hands, as Dallas-based Lincoln Property Co. sold the two-building Lantana Ridge complex to another Dallas company.