Smithfield Foods, a leading US producer of meat products being spun out of China's WH Group, announced terms for its IPO on Tuesday.
The Smithfield, VA-based company plans to raise $870 million by offering 34.8 million shares (50% secondary) at a price range of $23 to $27. At the midpoint of the proposed range, Smithfield Foods would command a fully diluted market value of $10.0 billion.
Smithfield is an American food company that produces and distributes a wide variety of packaged meats and fresh pork products both domestically and abroad. It is a leading provider of packaged meats in the US, with the #2 branded market position by volume across the 25 key packaged meats categories in which it competes, and is also the largest fresh pork processor in the US with approximately 23% market share. Smithfield operates through three reportable segments - Packaged Meats, Fresh Pork, and Hog Production - and sells its products across a diverse portfolio of brands including Smithfield, Eckrich, and Nathan's Famous, among others.
Smithfield Foods was founded in 1936 and booked $14.2 billion in sales for the 12 months ended September 30, 2024. It plans to list on the Nasdaq under the symbol SFD. Morgan Stanley, BofA Securities, Goldman Sachs, Barclays, Citi, BNP Paribas, HSBC, Rabo Securities, and BTIG are the joint bookrunners on the deal. It is expected to price during the week of January 27, 2025.