Weber Inc raises $250 million in IPO, less than half the amount it planned to raise

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Weber Inc raises $250 million in IPO, less than half the amount it planned to raise

- Weber Inc raised about $250 million in its initial public offering on Thursday, which was less than half the amount it had planned to raise earlier.

The grill maker priced its IPO of about 17.9 million shares at $14 a piece, it said in a statement.

Weber planned to sell 46.88 million shares priced between $15 and $17 each, which would have helped it raise up to $797 million at a valuation of about $5 billion.

The Paltine, Illinois-based company, whose grill types include gas, electric and charcoal, became trading on the NYSE on Thursday, about a week after rival wood pellet grill maker Traeger Inc. announced it was trading on the NYSE.

It was created by George Stephen Sr who invented the Weber Kettle - a dome-shaped charcoal grill - about 70 years ago.

BDT Capital Partners, a U.S. fund for founder Byron Trott, holds controlling interest in the company in partnership with the Stephen family and management.

Goldman Sachs, J.P. Morgan and BofA Securities are among the underwriters for the offering.