March 26, 2018 / 3:40 PM / 4 months ago

Yeti Holdings withdraws IPO plans

(Reuters) - Yeti Holdings Inc YETI.N, a U.S. maker of “built-for-the-wild” coolers, said on Monday it has withdrawn its initial public offering, citing current “market conditions”.

The company, which had filed in July 2016 to list on the New York Stock Exchange, did not give details about the “market conditions”.

The U.S. markets have been tumultuous this year. A massive selloff - prompted by fears of rising U.S. inflation - wiped out over $4 trillion in global stock market capitalization earlier this year.

Last week, the markets were gripped by fears of global trade war after U.S. President Donald Trump moved to impose tariffs on Chinese imports of up to $60 billion.

Austin, Texas-based Yeti was founded by brothers Roy and Ryan Seiders, two sportsmen who decided to make coolers for the luxury outdoor market rather than for mass discount retailers.

In 2012, they sold majority ownership in Yeti to private equity firm Cortec Group Management Services LLC.

Bank of America Merrill Lynch, Morgan Stanley, Robert W Baird & Co Inc and Piper Jaffray & Co were among the underwriters to the IPO.

Reporting by Diptendu Lahiri in Bengaluru; Editing by Sriraj Kalluvila

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