Keter Group, which makes resin-based indoor and outdoor home furnishings, filed on Thursday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $400 million.
Keter is considered a category captain in resin-based products, providing a portfolio of categories, brands, and products related to outdoor living and home solutions. The company has an intellectual property portfolio of approximately 1,500 registered patents, and its products are distributed in approximately 100 countries through a network of omnichannel retail partners, including over 70% of the top 50 hardline retailers in North America and Europe.
The Differdange, Luxembourg-based company was founded in 1948 and booked $1.7 billion in sales for the 12 months ended June 30, 2021. It plans to list on the NYSE under the symbol KETR. Keter Group filed confidentially on June 28, 2021. Goldman Sachs, J.P. Morgan, BofA Securities, Jefferies, RBC Capital Markets, BC Partners Securities, Baird, Oppenheimer & Co., Piper Sandler, and Truist Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
