Source: Reuters
Smithfield Foods, a leading U.S. pork producer, has filed for an initial public offering (IPO) on the Nasdaq under the symbol “SFD,” marking its return to U.S. stock markets after more than a decade. Owned by Hong Kong-based WH Group, the world’s largest pork producer, Smithfield was taken private in 2013 for $4.7 billion. The IPO will spin off Smithfield’s U.S. and Mexico businesses, unlocking value and enhancing access to capital markets. WH Group plans to sell up to 20% of Smithfield’s shares, valuing the company at no less than $5.38 billion.
Smithfield reported $581 million in net income on $10.19 billion in sales for the first nine months of 2024, a significant recovery from a $2 million loss in the same period of 2023. Proceeds from the IPO will fund infrastructure, automation, and capacity expansions. Morgan Stanley, BofA Securities, and Goldman Sachs are leading the offering.
Read the full story HERE: https://www.reuters.com/business/retail-consumer/pork-producer-smithfield-foods-makes-us-ipo-filing-public-2025-01-06/