Weber plans IPO after COVID ignited grilling enthusiasts

The standard in charcoal grills also offers gas, electric, charcoal smoker and wood pellet product options.

The company behind Weber grills is ready for its Wall Street debut following the world's revved-up embrace of home grilling and smoking sparked by the 2020 coronavirus lockdowns.

The classic standard in American charcoal grills, owned by Weber-Stephen Products LLC, has filed for its initial public offering in a deal that could value the company between $4 and $6 billion, per reports. The company is expected to trade under the ticker "WEBR" after listing on the New York Stock Exchange, owned by Intercontinental Exchange.

Weber's S-1 filed with the Securities and Exchange Commission boasts that the company's products are sold in 78 countries, with 24% global market share, more than $1.5 billion in revenue, and 80% brand awareness. The firm says it captured 29% of U.S. business in the outdoor cooking market last year.

From the six months leading up to March 31, 2020, to March 31, 2021, Weber says they saw a boost in revenue from $596.4 million to $963.3 million, showing year-over-year growth of 62%. They also realized an increase in net income from $23.6 million to $73.8 million, showing year-over-year growth of 213%.

The company, which started with its original kettle grill invented by George Stephen in 1952, now offers gas, electric, charcoal smoker and wood pellet product options – along with accessories such as grill covers, cutting boards, and replacement parts. They now sell wholesale to 4,710 retailers with 31,690 physical locations.

But they do have healthy competition.

Weber's IPO comes just one week after the IPO filing for competitor Traeger, whose S-1 also stated an estimated value of $100 million. Traeger's highest product sells for around $2,000. The company boasted that their "revenue increased by 107.0% for the three months ended March 31, 2021 as compared to the three months ended March 31, 2020, and reached $235.6 million for the three months ended March 31, 2021."

Fox Business