Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Outdoor grills maker Weber valued at nearly $5 billion in debut as shares rise

08/05/2021 | 11:56am EDT
CEO Chris Scherzinger walks by the New York Stock Exchange (NYSE) ahead of the Weber Inc. initial public offering (IPO) in Manhattan

(Reuters) -Shares of Weber Inc rose over 20% in their New York Stock Exchange debut on Thursday, giving the outdoor grills maker a market capitalization of nearly $5 billion as the company cashes in on the growing popularity of barbecuing at home.

Weber's shares opened at $17, compared with their initial public offering (IPO) price of $14 per share.

The company downsized its IPO to about 17.9 million shares earlier in the day, less than half of what it was planning to sell earlier.

At a price of $14 per share, Weber raised about $250 million in its IPO.

The Palatine, Illinois-based company, whose grill types include gas, electric and charcoal, made its debut a week after rival wood pellet grill maker Traeger Inc started trading on the NYSE.

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

In the United States, Weber boasts of a 23% market share, according to Frost and Sullivan estimates cited in its regulatory filing. Globally, it holds 24% of the market.

The company's revenue jumped 62% year-on-year in the six months ended March 31, driven by the increasing adoption of an outdoor lifestyle, Weber disclosed in the filing.

BDT Capital Partners, a U.S. fund run by Warren Buffett's banker Byron Trott, holds a controlling interest in the company in partnership with the Stephen family and management.

Entities including BDT will hold about 74% of the combined voting power of Weber's common stock after the offering.

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

(Reporting by Sohini Podder in Bengaluru; Editing by Arun Koyyur and Krishna Chandra Eluri)

ę Reuters 2021
Latest news "Economy & Forex"
05:09pChina welcomes Huawei executive home, Trudeau hugs Canadians freed by Beijing
04:26pChina detains HNA chair, CEO
04:15pChina welcomes Huawei executive home
03:42pDPR, NSCDC arrest 8 illegal LPG dealers in Maiduguri
03:00pU.S. Republican senators slam release of Huawei's Meng
02:44pU.s. cdc says 2.53 mln people received an additional covid-19 vaccine dose since august 13, 2021
02:44pU.s. cdc says delivered 471,821,155 doses of covid-19 vaccine as of sept 25 vs 470,630,875 doses delivered as of sept 24
02:44pU.s. cdc says administered 389,372,689 doses of covid-19 vaccine as of sept 25 vs 388,567,109 doses administered as of sept 24
02:43pU.s. cdc says 213,177,462 individuals have received at least one dose of covid-19 vaccine as of sept 25 vs 212,861,380 individuals as of sept 24
02:43pU.s. cdc says 183,353,326 individuals have been fully vaccinated against covid-19 as of sept 25 vs 182,958,696 individuals as of sept 24
Latest news "Economy & Forex"