Grill Maker Traeger Is Said to Price Shares at Top End of Range
Grill Maker Traeger Is Said to Price Shares at Top End of Range
(Bloomberg) -- Traeger Inc., a maker of high-end barbecue grills has priced its initial public offering at the top of its marketed range, according to a person familiar with the matter.
The company is selling shares at $18 apiece, the person said, asking not to be identified because the information is private. It had been marketing 23.5 million shares between $16 and $18 apiece.
Traeger, which is changing its name from TGPX Holdings I LLC, filed for an IPO earlier this month, one of several grill makers looking to cash in on soaring sales. Weber Inc. is the next griller on deck to tap the public market and is on its roadshow this week meeting with investors.
A representative for Traeger declined to comment.
The company has marketed itself as the leading name in wood-pellet grilling, a method that cooks food slowly like a smoker. Its highest-end model costs $1,999.99. Some of its products can be connected to a mobile app where users can monitor and control the heat.
It’s owned by private equity firm AEA Investors, Ontario Teachers’ Pension Plan and Trilantic Capital, filings showed.
Its shares are expected to begin trading Thursday on the New York Stock Exchange under the symbol COOK.
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