Wall Street's obsession with newly public companies this summer has spilled over into grills. A handful of retailers of outdoor grills and grilling accessories have filed paperwork to go public.
The latest to set terms for its IPO is Weber, a top outdoor grilling brand, with an IPO launch slated next week, according to according to Reuters.
The Illinois-based company plans to raise $797 million through an IPO. Weber would command a market valuation of more than $8 billion.
The company will list on the New York Stock Exchange under the ticker "WEBR."
Goldman Sachs, BofA Securities, J.P. Morgan, BMO Capital Markets, Citi, UBS Investment Bank, Wells Fargo Securities, and KeyBanc Capital Markets are the bookrunners on the deal.
Weber reported a net income of $73.8 million on revenue of $963.3 million for the six months ended March 31. During the period, revenues jumped 62% year-on-year. The company controls 20% of the US and global outdoor grilling markets.
Weber has an extensive product portfolio of charcoal grills, gas grills, smokers, pellet, and electric grills.
Weber has tapped into stay-at-home themes as Americans prefer backyard-grilling rather than eating out because of the virus pandemic.
Weber's proposed IPO comes as pellet grill maker Traeger Inc is expected to list on the New York Stock Exchange on Thursday. BBQGuys is another company looking to go public.