Smithfield Foods, Inc., announced that it has “commenced the roadshow” for an underwritten initial public offering of 34,800,000 shares of its common stock.
According to a release, the initial public offering price is expected to be between $23 and $27 per share. The offering consists of 17.4 million shares of common stock to be sold by Smithfield and 17.4 million shares of common stock to be sold by Smithfield’s existing shareholder identified in the registration statement as Hong Kong-based WH Group, the world’s largest pork producer.
In addition, the underwriters of the offering will be granted a 30-day option to purchase from the selling shareholder up to 5.22 million additional shares of Smithfield’s common stock at the initial offering price, less underwriting discounts and commissions.
Smithfield said in a release that it will not receive any proceeds from the sale of the shares by the selling shareholder.
“Smithfield Foods is targeting a valuation of up to $10.73 billion in its U.S. initial public offering,” Reuters reports. “The U.S. IPO market is set for a historic week ahead as liquefied natural gas behemoth Venture Global looks to go public at a $110 billion valuation.”
Learn More Here: Smithfield Foods is First to File for U.S. IPO in 2025
