Traeger, which makes premium backyard wood pellet grills, announced terms for its IPO on Wednesday.
The Salt Lake City, UT-based company plans to raise $400 million by offering 23.5 million shares (63% secondary) at a price range of $16 to $18. At the midpoint of the proposed range, Traeger would command a fully diluted market value of $2.2 billion.
Traeger is a category leader of the wood pellet grill, an outdoor cooking system that ignites all-natural hardwoods to grill, smoke, bake, roast, braise, and barbecue. Its grills can be used to create meals with a wood-fired flavor that cannot be replicated with gas, charcoal, or electric grills. Traeger grills allow owners to program, monitor, and control their grill through the Traeger app, which the company claims is used on more than 1.6 million mobile devices per month.
Traeger was founded in 1987 and booked $668 million in sales for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol COOK. Morgan Stanley, Jefferies, Baird, William Blair, Credit Suisse, RBC Capital Markets, BMO Capital Markets, Piper Sandler, and Stifel are the joint bookrunners on the deal. It is expected to price during the week of July 26, 2021.
