Traeger, which makes premium backyard wood pellet grills, raised $424 million by offering 23.5 million shares (63% secondary) at $18, the high end of the range of $16 to $18.
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 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 acted as joint bookrunners on the deal.
