July 12 (Reuters) - Outdoor grills maker Weber Inc on Monday
filed paperwork with U.S. regulators for an initial public
offering, revealing a 62% year-on-year growth in revenue for the
six months ended March 31.
The company, whose products include gas, electric and
charcoal grills, said revenue growth was driven by the
increasing adoption of an outdoor lifestyle.
Weber joins a clutch of companies which have filed for stock
market listings in recent weeks to cash in on a market that is
flush with funds as capital markets see record high levels of
Weber did not reveal the number of shares or the target
price range of the offering in the filing. (https://bit.ly/3r6hfC8)
Its listing plans come weeks after wood pellet grill maker
Traeger Inc filed for an IPO. (https://bit.ly/3ecr63M)
In October, Weber had raised around $1.55 billion in debt in
a round led by Bank of America.
The company has a 23% market share in the United States and
a 24% share globally, according to a Frost & Sullivan report
cited in its filing.
Weber was founded 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 run by Warren Buffett's banker
Byron Trott, holds a controlling interest in the company in
partnership with the Stephen family and management.
The company has applied to list its shares on the New York
Stock Exchange under the ticker symbol "WEBR".
Goldman Sachs, BofA Securities and J.P. Morgan are among the
underwriters for the offering.
(Reporting by Sohini Podder in Bengaluru; Editing by Amy Caren