Weber, a leading outdoor grilling brand, announced terms for its IPO on Tuesday.
The Palatine, IL-based company plans to raise $750 million by offering 46.9 million shares (67% synthetic secondary) at a price range of $15 to $17. At the midpoint of the proposed range, Weber would command a fully diluted market value of $4.7 billion.
Weber states that it is the leading outdoor cooking company, with a 20%+ share of the US and global global outdoor cooking markets in 2020. The company's product portfolio includes traditional charcoal grills, gas grills, smokers, pellet and electric grills, and recently its Weber Connect technology-enabled grills. Weber is the leader in the largest markets in outdoor cooking, and beyond these markets, estimates that it has either the number one or number two brand position in each of the key geographies it serves.
Weber was founded in 1893 and booked $1.9 billion in sales for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol WEBR. Goldman Sachs, BofA Securities, J.P. Morgan, BMO Capital Markets, Citi, UBS Investment Bank, Wells Fargo Securities, and KeyBanc Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of August 2, 2021.
