VELO - Popular barbecue-grill firm Weber sets $15-$17/share price range for IPO

July, 27 2021 03:50 PM Velocity Acquisition Corp.

grandriver/E+ via Getty Images Weber Inc. (WEBR) released details Tuesday for an upcoming multi-billion-dollar IPO. WEBR said in a revised S-1 filing with the U.S. Securities and Exchange Commission that it plans to offer some 46.9M Class A shares to the public at a $15-$17/share price range. The company also granted underwriters the option to buy as many as about 7M additional shares for overallotments. Additionally, WBER has Class B shares for insiders and pre-IPO investors. Class A and B shares both have one vote apiece, but the Class B stock won’t enjoy “economic rights” like access to any future dividends. Nonetheless, Class B shareholders will control about 74% of WEBR’s voting power. Weber wrote in its S-1 that it expects to net some $712.5M from the IPO if the offering prices at a midpoint $16 a share. That will rise to about $819.4M if underwriters fully exercise their overallotment

For further details see:

Company Name:	Velocity Acquisition Corp.
Stock Symbol:	VELO
Market:	NASDAQ
Website:	velocityacq.co

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