Jan 28, 2025 - Business

Pork giant Smithfield has disappointing IPO

Dan Primack

Illustration of a pig wearing glasses and reading the news on its phone. — Illustration: Brendan Lynch/Axios

Smithfield Foods, the largest U.S. pork producer, raised $522 million in an IPO that was around 21% smaller than originally planned.

Why it matters: There have been two big IPOs so far in 2025, and both of them bombed.

The other was liquefied natural gas company Venture Global, whose stock has continued to get pummeled.

By the numbers: Smithfield, which is spinning off from Hong Kong-listed WH Group, originally filed to sell 34.8 million shares at $23-$27. It ultimately sold 26.1 million shares at $20, giving it a $7.9 billion fully diluted market value.

The bottom line: The IPO pipeline is refilling just as the market's appetite for big bites may be waning.

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Pork giant Smithfield has disappointing IPO

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