Grill maker Weber Inc. downsized its IPO by half and priced lower than expected.
The latest filing from the Palatine, Illinois-based company said it sold approximately 18 million shares around $14 each, raising $250 million.
The company initially marketed 47 million shares between the $15-$17 range to raise as much as $797 million but shows Wall Street’s obsession with backyard grills is quickly fading as summer winds down.
The company will list on the New York Stock Exchange under the ticker “WEBR” with a market value of less than $4 billion.
Goldman Sachs, BofA Securities, J.P. Morgan, BMO Capital Markets, Citi, UBS Investment Bank, Wells Fargo Securities, and KeyBanc Capital Markets are the book-runners on the deal.
Weber reported a net income of $73.8 million on revenue of $963.3 million for the six months ended March 31. During the period, revenues jumped 62% year-on-year. The company controls 20% of the US and global outdoor grilling markets.
Weber has an extensive product portfolio of charcoal grills, gas grills, smokers, pellet, and electric grills.
Bloomberg says the company plans to use IPO proceeds to purchase back shares from its holding company and existing shareholders.
