Weber Inc., showing the limits of barbecue grill makers going public, cut the size of its initial public offering by more than half and priced it below a marketed range to raise $250 million…
The Palatine, Illinois-based company sold slightly less than 18 million shares for $14 each, according to a statement. Weber had marketed almost 47 million shares for $15 to $17, which would have raised as much as $797 million.
The company has a market value of less than $4 billion based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission.
Weber fared worse in its IPO than Rival Traeger Inc., which raised $424 million in its listing in July. BBQGuys, an e-commerce platform for grills backed by retired American football stars Eli and Peyton Manning, has agreed to go public through blank-check firm Velocity Acquisition Corp. in a transaction that values the combined entity at $963 million.
Weber reported $963 million in sales in the six months through March, a jump of more than 60% from the same period last year. Its net income rose to $73.8 million from $23.6 million over the same period.
Weber launched its first grill in 1952. Since 2010, it’s been majority owned by…
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