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 WEBR, 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.