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Summary
- Traeger Inc announced on Tuesday, July 6, that it has filed for an initial public offering with the SEC.
- The company's prospectus has listed private equity firms like AEA Investors and Ontario Teachers' Pension Plan as its most significant shareholders.
- Traeger is said to have invented the original wood pellet grill in 1987.
Eyeing a public debut in the US, barbecue grill maker Traeger Inc announced on Tuesday, July 6, that it has filed for an initial public offering with the Securities and Exchange Commission (SEC).
Traeger, one of the top producers of wood pellet grills, claims to apply a variety of modern technologies in its products, including the capability to operate some of them via smartphones.
Apart from selling grill products, Traeger also puts up cooking and grilling videos of social media. As of March 31 this year, it had some 1.6 million followers on its social media platforms.
Traeger IPO ticker, date, size & price
According to its IPO documents, Traeger plans to trade its shares the New York Stock Exchange under the ticker symbol of 'COOK'.
The company's prospectus has listed private equity firms like AEA Investors and Ontario Teachers' Pension Plan as its most significant shareholders.
The company also stated in its SEC filings that between January 1 to April 15 this year, Traeger garnered 144,000 average weekly views on its live cooking classes. In addition, between 2016-2020, it sold two million grills.
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The company has not disclosed the date for its initial public offering, nor has it revealed its IPO size and price range. Reports note that Traeger aims to generate gross proceeds of about US$ 100 million from the offering.
Investors with a registered account on a trading platform can keep track of its IPO updates and explore the stocks once they are up for grabs.
Traeger Inc. Financials
The average retail equivalent price for Traeger grills increased to US$ 839 in 2020 from US$ 678 in 2017. This reflected a compound annual growth rate (CAGR) of seven per cent.
The firm’s net income climbed to US$ 31.6 million last year, as against a net loss of US$ 22.3 million in 2017.
In 2020, the company also saw its revenue inflate to US$ 545.8 million and its adjusted EBITDA rise to US$ 116.1 million.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from investment point of view.
