Smithfield Foods and its Hong Kong-based parent, WH Group, are seeking to raise up to $940 million in an IPO, per an amended S-1 filed Tuesday.
Why it matters: At the top of its planned range, Smithfield's would be the largest IPO by a food company since Oatly's listing in 2021, which raised $1.6 billion, per Bloomberg.
Catch up quick: Smithfield, which filed to go public on Jan. 6, will list shares on the Nasdaq Global Select Market under the symbol SFD.
Zoom in: Smithfield and WH Group are offering 17.4 million shares at a price range between $23 and $27.
- At the midpoint of that range, Smithfield would receive net proceeds of about $400 million, which it would invest in infrastructure, automation and capacity expansion.
- Following the offering, WH Group will own about 91% of the subsidiary's common shares.
By the numbers: The U.S.'s largest pork producer generated $14.2 billion in sales, $1.3 billion of adjusted EBITDA and $450 million of net income for the 12 months ending Sept. 29, 2024, per filings.
The bottom line: The IPO market is showing signs of life between the pork producer's offering and Fat Brands spinning off casual dining chain Twin Peaks.
