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The searing market for newly public companies has a new obsession: grills.
Two leading sellers of outdoor grills and grilling accessories, Weber and Traeger, both filed paperwork for initial public offerings earlier this month, while online grilling-and-outdoor-products retailer BBQGuys on Tuesday agreed to go public by combining with a special-purpose acquisition company. The merger values BBQGuys at about $960 million.
Traeger is known for its pricier wood-pellet grills and said on Wednesday that it plans to raise about $400 million in its IPO, which would value the company at around $2 billion. The Salt Lake City-based firm is aiming to price its shares between $16 and $18 under the ticker symbol COOK.
All three of the companies have been around for a long time but are seeking to cash in on sudden excitement fueled by the coronavirus pandemic. Weber, Traeger and BBQGuys each reported a recent sales surge as more consumers refurbished their backyards and became barbecue enthusiasts, tapping into one of the stay-at-home themes that have dictated much of the stock market’s performance in the past 15 months.
“We believe the trends are here to stay,” BBQGuys Chief Executive Officer Russ Wheeler said. “We see this as an opportunity to be this one-stop shop for all your outdoor-living needs.”