The parent of Weber Inc. has filed for an initial public offering Monday, which could reportedly lead to a market valuation for the grill and outdoor cooking accessories maker of up to $6 billion.
Illinois-based Weber-Stephen Products LLC disclosed in an S-1 filing with the Securities and Exchange Commission that it was looking to go public under the name Weber Inc. The company has not yet determined the number of shares it will offer in the IPO, or the expected pricing of the IPO.
which was founded in 1952 by George Stephen and incorporated in Delaware in April 2021, is expected to list on the New York Stock Exchange under the ticker symbol “WEBR.” A Bloomberg report over the weekend, citing a person with knowledge of the matter, said the IPO could value Weber at $4 billion to $6 billion.
Weber listed eight underwriters in the IPO filing, led by Goldman Sachs & Co. LLC, BofA Securities and J.P. Morgan.
Weber reported net income of $73.8 million on revenue of $963.3 million for the six months ended March 31, after income of $23.6 million on revenue of $596.4 million in the same period a year ago. For the fiscal year ended Sept. 30, 2020, net income rose to $88.9 million as revenue grew to $1.53 billion, after income of $50.1 million on revenue of $1.30 billion the year before.
The company said it holds the top brand position in grilling in a number of countries, including the U.S., Australia, Canada, France and Germany. The company estimates it has 24% of the global market share, including a 23% share in the U.S.
Private-equity firm BDT Capital Partners LLC is the controlling shareholder of Weber, in partnership with the Stephen family and management, since BDT made a majority investment in the company in December 2010.
Weber is looking to go public at a time of tepid investor demand for IPOs, as the Renaissance IPO exchange-traded fund
has slipped 0.1% over the past three months, while the S&P 500 index
has gained 6.1%.