The grill maker is selling approximately 17.8 million shares in its initial public offering at $14 per share, valuing the company at about $5 billion. In addition, subwriters have been given option to purchase approximately 2.6 million additional shares of common stock on the following dates - 30 days.
For the six month period ending March 31 was Weber Grill's revenue grow 62% year over year, from $596.4 million to $963.3 billion, according to the company's S-1 prospectus. The company posted net profit of $73.8 million, a 213% year-over-year increase from $23.6 million over the same six months period a year ago.
Weber boasts a 24% share of the global market and sells its products across 78 countries to 4,710 retail pharmacies and 31,690 physical markets. The company, which started with its original kettle grill invented by George Stephen in 1952, offers gas, electric, charcoal and wood pellet product options, along with accessories such as grill covers, cutting boards and replacement parts.
Weber says it captured approximately 29% market share in the outdoor cooking category sold online in 2020 in the U.S.
The IPO occurs roughly a week after rival Traeger rallied in its first day of trading following its stock market debut.
Traeger, which is known for its wood pellet grills, saw its sales surged 107% year over year in the first quarter of the year to about $235 million, up from $113.8 million a year ago. The company posted a net profit for the first quarter of $38.9 million, up from $7.9 million a year ago.