The parent of Weber Inc. has filed for an initial public offering Monday, which could reportedly lead to a market valuation for the grill and outdoor cooking accessories maker of up to $6 billion.
Illinois-based Weber-Stephen Products LLC disclosed in an S-1 filing with the Securities and Exchange Commission that it was looking to go public under the name Weber Inc . The company has not yet determined the number of shares it will offer in the IPO, or the expected pricing of the IPO.
The company /zigman2/quotes/203784864/composite WEBR -0.79% , which was founded in 1952 by George Stephen and incorporated in Delaware in April 2021, is expected to list on the New York Stock Exchange under the ticker symbol “WEBR.” A Bloomberg report over the weeken d, citing a person with knowledge of the matter, said the IPO could value Weber at $4 billion to $6 billion.
Weber listed eight underwriters in the IPO filing, led by Goldman Sachs & Co. LLC, BofA Securities and J.P. Morgan.
The filing comes less than a week after rival Traeger grills maker , TGPX Holdings I LLC /zigman2/quotes/228383287/composite COOK -5.64% , filed for an IPO, to trade on the NYSE under the ticker “COOK.”
Weber reported net income of $73.8 million on revenue of $963.3 million for the six months ended March 31, after income of $23.6 million on revenue of $596.4 million in the same period a year ago. For the fiscal year ended Sept. 30, 2020, net income rose to $88.9 million as revenue grew to $1.53 billion, after income of $50.1 million on revenue of $1.30 billion the year before.
The company said it holds the top brand position in grilling in a number of countries, including the U.S., Australia, Canada, France and Germany. The company estimates it has 24% of the global market share, including a 23% share in the U.S.
BDT Capital Partners LLC is the controlling shareholder of Weber, in partnership with the Stephen family and management, since BDT made a majority investment in the company in December 2010.
Weber is looking to go public at a time of tepid investor demand for IPOs, as the Renaissance IPO exchange-traded fund /zigman2/quotes/207665280/composite IPO -3.85% has slipped 0.3% over the past three months, while the S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.84% has gained 6.1%.