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Grills Producer Weber to Make Downsized Trading Debut

For its initial public offering, grills producer Weber sold about 18 million shares at $14 each, raising $250 million.
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Weber  (WEBR) - Get WEBER, INC. Report on Thursday is set to begin trading on the New York Stock Exchange as the outdoor-grills maker looks to take advantage of a hot IPO market. 

The Palatine, Ill., company sold nearly 18 million shares for $14 each. That's downsized from a plan to sell almost 47 million shares for $15 to $17 each.

That sale would have raised as much as $797 million. Wednesday's sale raised about $250 million. 

Weber has a market value of less than $4 billion based on the shares outstanding listed in its S-1 filing with the U.S. Securities and Exchange Commission. 

The company has sold 50 million grills across nearly 80 countries and has a 24% market share. 

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Net income in 2020 increased to $89 million from $50 million the year before, growth of 77%.

Weber reported 2020 revenue of $1.5 billion, an 18% year over year increase. 

Weber has "the strongest commercial presence and a massive consumer base spanning North America, Latin America, Europe, Africa and Asia Pacific," Chief Executive Chris Scherzinger said in the company's SEC filing. 

The company's wholesale channel is made up of 7,710 retailers with nearly 32,000 physical locations globally. 

The company has reported a 10% compounded annual revenue-growth rate from 1980 to 2021.