Weber stock debuts with 21% gain, after disappointing IPO pricing
Weber Inc. was greeted with cheers on its public debut, which may be a surprise given that the outdoor grill maker slashed its initial public offering by more than 60%, and as the IPO priced below the expected range. The company said overnight that it raised $250 million, as it sold 17.86 million shares in the IPO, which priced at $14 a share, implying a fully diluted valuation of roughly $5 billion. Last week, the company said it was offering 46.88 million shares and the IPO was expected to price between $15 and $17 a share. The stock's first trade was at $17.00 at 11:10 a.m. Eastern for about 771,400 shares, or 21.4% above the IPO price. The stock has pared some gains since then, to trade up 15.7% at $16.20. The company went public on a day that the Renaissance IPO ETF rallied 1.4% and the S&P 500 gained 0.4%.
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