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Just recently, an announcement has been made by Weber, which is a famous outdoor grill maker based in the United States. The company has announced that it has decided to go public in a few days’ time. Weber has confirmed that it is going to enlist itself on the public market.
Weber has confirmed that it is going to go for the listing this coming Thursday, August 12, 2021. The executives of the company revealed that they are planning to benefit from the initial public offering (IPO) market as much as they can. The executives revealed that the current market looks extremely profitable to launch the initial public offering.
The sources reveal that initially, the company had plans of selling almost 47 million shares. The company announced it was going to sell them for $15 to $17 per share. However, the company later downsized the number of shares it had planned to sell.
The sources reveal that the company went ahead selling 18 million shares in the public market where each share was sold for $14.
As a result of making the changes, the company’s sales achieved through Wednesday’s IPO were around $252 million. If the company would have gone ahead with the $15 to $17 per share strategy with 47 million shares, it could have generated around $799 million.
At the time of writing, the market capitalization of the company is close to $4 billion. This is what the company has revealed in its S-1 file that it submitted at the US SEC.
In the S-1 filing, Weber also provided information around the sales and income it has generated through the sales of its products.
Weber revealed that it currently has its products being sold in almost 80 countries, where it has sold more than 50 million grills. The grill manufacturing giant even has a 24% market share when it comes to having prominence in the grill manufacturing market.
When it comes to generating net income, the company generated $89 million in the year 2020. Back in the year 2019, Weber had reportedly generated $50 million net income. This goes to show that in a matter of a year, the company gained a 77% increase in terms of its net income.
As of now, Weber has a massive consumer base as well as commercial present that spreads all across several regions. At present, the major regions it has covered include North America, Asia Pacific, Africa, Europe, and Latin America.
When it comes to the wholesale network of the company, it currently has over 7,710 retailers that are acquiring its products for selling. These many retailers currently make up 32,000 physical locations in different parts of the world.
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