Weber must be satisfied with less money than expected when it goes public. The barbecue provider said it is allocating its shares at $14 per share, staying below the original range of $15-17. At the same time, the company reduced the number of shares sold from 46.88 million to 17.9 million.
This brings the volume of the issuance to 250 million dollars. Webber had originally targeted revenue of up to $797 million. That would have been a total valuation of the company at around $5 billion.
Weber manufactures gas, charcoal and electric grills. The well-known company based in Palatine, Illinois, USA, is particularly famous for its kettle grill, which was invented about 70 years ago. Webber has done a good job in the coronavirus pandemic. In the second half of the 2020/2021 fiscal year alone, US group sales grew 62 percent compared to the same period the previous year.
Webber announced the IPO in mid-July. About a week before the current debut, competitor Traeger also launched on the New York Stock Exchange. Unlike Weber, he exceeded expectations.
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