Barbecue Grill Maker Weber Files for U.S. Public Listing

(Bloomberg) -- Weber Inc., the maker of barbecue grills that can run to several thousands of dollars, filed for a U.S. initial public offering.

The Palatine, Illinois-based company put down a listing size of $100 million, a placeholder that is likely to change, according to its Monday filing with the U.S. Securities and Exchange Commission. Weber could seek a valuation of $4 billion to $6 billion in an IPO, Bloomberg News reported on Sunday.

Weber’s IPO paperwork comes after rival Traeger Inc. filed last week to go public, also on the New York Stock Exchange. As people have been spending more time at home during the pandemic, sales of home goods have soared -- even big ticket items like Weber’s grills, which can cost almost $4,000.

Weber reported $963 million in sales in the six months through March, a jump of more than 60% from the same period last year. Its net income rose to $73.8 million from $23.6 million over the same period.

Weber launched its first grill in 1952. Since 2010, it’s been majority owned by BDT Capital Partners, the Chicago-based investment firm and merchant bank founded and led by Byron Trott.

Trott and BDT Capital Partners, as well as Weber’s management, are listed in the filing as being among its biggest shareholders. The company plans to use the IPO proceeds to buy back shares from its holding company and from some existing shareholders.

Goldman Sachs Group Inc., Bank of America Corp. and JPMorgan Chase & Co. are leading the offering. Weber plans to list on the New York Stock Exchange under the symbol WEBR.

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