Grill maker Weber sold 18 million shares at $14 apiece ahead of its trading debut Thursday—fewer shares and at a lower price than expected
Grill maker Weber Inc. sold fewer shares at a lower price than expected in its initial public offering, people familiar with the matter said, the latest sign the new-issue market may be cooling after a torrid run this summer.
Weber sold 18 million shares at $14 apiece, the people said, ahead of its trading debut Thursday. The company and its selling shareholders had been planning to sell roughly 47 million shares at a price between $15 and $17. Instead, only the company sold shares in the offering, which pegs Weber’s fully diluted valuation at roughly $5 billion.
The disappointing launch of the high-profile listing follows the postponement of several other IPOs. Last week, five deals were withdrawn or canceled, the most since 2016, according to Dealogic. The performance of newly listed shares also has been lackluster. So far this year, traditional U.S.-listed IPOs—not including special-purpose acquisition companies or direct listings—were up roughly 9% on average through Tuesday’s close, according to Dealogic, compared with a 15% gain for the tech-heavy Nasdaq Composite Index. Earlier this year, IPOs were outperforming Nasdaq.. U.S.
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