Weber, whose grill types include gas, electric and charcoal, debuts on Thursday.BRIAN SNYDER/Reuters
Shares of Weber Inc rose over 20% in their debut on the New York Stock Exchange on Thursday, giving the outdoor grills maker a market capitalization of about $5 billion.
Weber’s shares opened at $17, compared with their initial public offering (IPO) price of $14 per share.
The company downsized its IPO to about 17.9 million shares earlier in the day, less than half of what it was planning to sell earlier.
At a price of $14 per share, Weber raised about $250 million in its IPO.
The Palatine, Illinois-based company, whose grill types include gas, electric and charcoal, made its debut a week after rival wood pellet grill maker Traeger Inc started trading on the NYSE.
Weber was founded by George Stephen Sr., who invented the Weber Kettle – a dome-shaped charcoal grill – about 70 years ago.
BDT Capital Partners, a U.S. fund run by Warren Buffett’s banker Byron Trott, holds a controlling interest in the company in partnership with the Stephen family and management.
Goldman Sachs, BofA Securities and J.P. Morgan were among the underwriters for the offering.
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