VELO - Popular grill maker Weber priced IPO below range cut size by more than half

Popular grill maker Weber (WEBR) priced its IPO at $14/share, below its expected range of $15-$17. Weber (WEBR) also downsized its IPO, selling 17.9M shares, rather than the almost 47M it originally intended to sell, according to a filing. Weber's market cap is about $4B based on its shares outstanding. Weber (WEBR) expects net proceeds of about $238M from the offering after earlier estimating proceeds of more than $700M. Weber disclosed the 69-year-old company is profitable, with revenues expanding at about a 10% compound annual growth rate since 1980. Weber (WEBR) is expected to begin trading today on the NYSE under the ticker "WEBR." The WSJ reported the pricing news last night. The Weber (WEBR) IPO follows the public offering of high-end grill maker Traeger, which jumped 22% in its IPO debut last week. Last month, BBQGuys – an online barbecue retailer backed by legendary retired NFL quarterbacks Eli and Peyton Manning

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Popular grill maker Weber priced IPO below range, cut size by more than half