Pinnacle Foods, which is a leading packaged foods company backed by Blackstone, announced terms for its IPO on Friday. The Parsippany, NJ-based company plans to raise $551 million by offering 29 million shares at a price range of $18 to $20. At the midpoint of the proposed range, Pinnacle Foods would command a fully diluted market value of $2.1 billion. Pinnacle Foods, which was founded in 2001 and booked $2.5 billion in sales for the 12 months ended 12/30/2012, plans to list on the NYSE under the symbol PF. Barclays, BofA Merrill Lynch, Credit Suisse, Goldman Sachs, Morgan Stanley and UBS are the joint bookrunners on the deal.
