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July 12, 2021, 1:22 p.m. EDT

Weber grills parent files to go public

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Tomi Kilgore

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 +0.06% , 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 -4.00% , 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 -1.45% has slipped 0.3% over the past three months, while the S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.67% has gained 6.1%.

/zigman2/quotes/203784864/composite
US : U.S.: NYSE
$ 8.23
+0.0050 +0.06%
Volume: 133,806
Feb. 6, 2023 1:28p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$2.37 billion
Rev. per Employee
$618,744
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/zigman2/quotes/228383287/composite
US : U.S.: NYSE
$ 4.20
-0.17 -4.00%
Volume: 191,146
Feb. 6, 2023 1:26p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$535.83 million
Rev. per Employee
$791,657
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 29.25
-0.43 -1.45%
Volume: 14,006
Feb. 6, 2023 1:12p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,108.97
-27.51 -0.67%
Volume: 0.00
Feb. 6, 2023 1:30p
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