Just after the holiday weekend, when millions of Americans fired up their grills to celebrate Independence Day, a high-end wood pellet grill maker has filed to go public. TGPX Holdings I, more commonly known as Traeger, filed for its IPO with a $100 million placeholder figure.
The company created its original wood-fired grill over 30 years ago in Oregon. 's products use all-natural hardwood fuel with convection power to cook six different ways on one device: you can grill, smoke, bake, roast, braise, and barbecue your food.
Traeger's IPO news
Traeger filed confidentially on May 3, 2021. On Jul. 6, it announced it ad filed its public registration statement with the SEC. The S-1 has not become effective yet. Traeger plans to list its common stock on the NYSE under the symbol "COOK" and has given a $100 million placeholder amount in the filing.
The joint bookrunners for the Traeger IPO are Morgan Stanley, Jefferies, Baird, William Blair, Credit Suisse, RBC Capital Markets, BMO Capital Markets, Piper Sandler, Stifel, and Telsey Advisory Group (Renaissance Capital).
Is Traeger profitable?
Traeger has reached profitability—it reported $39 million in net income on $236 million in sales for the three months ended Mar. 2021. In the same three-month period of 2020, Traeger made $8 million in net income on $114 million in sales. In the 12 months ended Mar. 31, 2021, Traeger booked sales of $668 million.
The largest shareholders listed for the company are private equity firm AEA Investors, the Ontario Teachers’ Pension Plan, and Trilantic Capital Partners.
Traeger is a leader in the wood pellet smoker grill market. Its highest-priced models can cost around $2,000. The company said it benefited from an increase in home cooking during the COVID-19 pandemic, reports Yahoo Finance.
Traeger’s proprietary “WiFIRE” technology enables the owners of certain models to sync their smartphones to the grill and download an app to control various aspects of cooking. It also has Apple Watch integration to allow users to adjust temperatures or activate features remotely.
Traeger's valuation, stock price, and stock symbol
So far, the company hasn’t announced its proposed price per share nor number of shares to be offered in its IPO. Traeger intends to list its common stock on the NYSE under the ticker symbol “COOK.”
The IPO is set to raise $100 million according to the company’s S-1 filing with the SEC, though that number is likely a placeholder. Once the IPO's number of shares and price range are determined, we should have a more specific figure of how much the Traeger IPO will raise.
When is the Traeger IPO date?
Since the date for the Traeger IPO has not yet been announced, retail investors will need to be patient and wait for shares to begin trading publicly. Once the IPO is completed and common stock is available, investors will be able to buy COOK through an online or traditional brokerage.