On July 12, Weber, the world’s leading barbecue brand, filed to take the company public through an IPO. Details on the Weber Grill IPO like the date and the number and price of the shares haven't been determined yet.
According to the prospectus filed with the SEC, the company is looking to raise up to $100 million in the offering. That could give it a value of almost $6 billion, Bloomberg reports.
Weber intends to list on the NYSE under the ticker symbol "WEBR." The lead bookrunners are Goldman Sachs Group Inc., Bank of America Corp., and J.P. Morgan Securities.
The Chicago investment firm BDT Capital Partners has been the majority owner of Weber since 2010, Bloomberg reports.
Weber invented the charcoal grill 70 years ago.
The Palatine, Ill.-based company, Weber-Stephen Products LLC, was founded almost 70 years ago when George Stephen first invented the charcoal grill. Since then, the Weber name has become synonymous with summer barbecues held in backyards around the world.
Although Weber is most known for the charcoal grill, the company has expanded its product line to include gas grills, smokers, and pellet and electric grills. Earlier this year, the company introduced a line of “smart grills” that use its Weber Connect technology to let backyard chefs operate their grill through a smartphone app.
“We have spent decades building brand affinity and awareness by teaching people how to grill the ‘Weber Way.’ By consistently delivering high-performing, differentiated products and best-in-class customer service, we have built a global community of passionate brand loyalists who value our innovation, uncompromising quality and performance. Over the years, families have passed down their affinity for Weber from one generation to the next, forging a deep emotional connection between consumers and our brand,” the company stated in its prospectus.
Weber products are sold in 78 countries, and the company holds 24 percent of the global market share. The company is the leading product brand in the U.S., Germany, Australia, Canada, and France. In 2020, Weber brought in $1.5 billion in revenue.
Weber’s rival Traeger also plans to go public.
The announcement of Weber’s IPO plans comes just a week after competitor Traeger Inc. also revealed its pursuit of an IPO. The company, known as TGPX Holdings LLC, filed its IPO on July 7 with a $100 placeholder amount.
Much like Weber created the charcoal grill, Traeger boasts that it invented the original wood-fired grill over 30 years ago. Its wood-pellet grills run close to $2,000, and they can also be controlled through a smartphone app.
The number of shares and price range for Traeger stock also haven't been determined yet. The company intends to list its stock on the NYSE under the ticker symbol “COOK.”
How can I buy Weber stock?
If you’re interested in buying Weber stock, you’ll have to wait a bit. The date for the Weber IPO hasn’t been set yet. The number of shares Weber offers and the price range of those share also need to be determined. Once the Weber common stock is available, you’ll be able to buy WEBR stock through a traditional or online brokerage.