Grill Maker Traeger Prices US$423.5 Million IPO

Outdoor cooking system maker Traeger Inc. (Nasdaq: COOK) started publicly trading on the New York Stock Exchange yesterday under the symbol “COOK”. The firm’s initial public offering is looking to raise US$423.5 million and is expected to close on August 2, 2021.

The offering will be conducted through the issuance of 23,529,411 common shares, selling at US$18.00 per share. Out of the total shares in the offering, 8,823,529 are being offered by Traeger and 14,705,882 are being offered by current stockholders.

The company granted a 30-day over-allotment option to purchase additional 3,529,411 common shares at the same IPO price, potentially bringing proceeds up to US$487.1 million. Morgan Stanley, Jefferies, Baird, and William Blair are all acting as joint lead bookrunners for the said offering.

The Salt Lake City-based company is known for making wood-fired cooking grills. The proposed offering puts the company’s valuation at approximately US$2 billion. Between March and May 2021, the company sold more than US$1.8 billion worth of its portfolio in the US.

Information for this briefing was found via Sedar and Traeger. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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