Smithfield Foods, a leading US producer of meat products being spun out of China's WH Group, raised $522 million by offering 26.1 million shares at $20, below the range of $23 to $27. The company originally planned to offer 34.8 million shares (50% secondary). At pricing, Smithfield commands a fully diluted market value of $7.9 billion, 21% lower than previously anticipated.
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 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 acted as joint bookrunners on the deal.