August 5, 2021

(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.

(Reporting by Sohini Podder in Bengaluru; Editing by Arun Koyyur and Krishna Chandra Eluri)

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