AdvancePierre Foods Holdings, an Oaktree Capital-backed food manufacturer and supplier, announced terms for its IPO on Tuesday.
The Blue Ash, OH-based company plans to raise $400 million by offering 18.6 million shares (40% insider) at a price range of $20 to $23. At the midpoint of the proposed range, AdvancePierre Foods Holdings would command a fully diluted market value of $1.7 billion.
AdvancePierre Foods Holdings was founded in 1946 and booked $1.6 billion in sales for the 12 months ended March 31, 2016. It plans to list on the NYSE under the symbol APFH. Barclays, Credit Suisse, Morgan Stanley, Goldman Sachs, BMO Capital Markets and Deutsche Bank are the joint bookrunners on the deal. It is expected to price during the week of July 11, 2016.
