Smithfield Foods raises $522 million, pricing IPO below expected range
This story incorporates reporting from Virginia Business, Investopedia on MSN.com and MSN.Smithfield Foods successfully raised $522 million through its initial public offering listed on the Nasdaq Global Select Market. The company offered 26 million shares at $20 each — a price below the initially anticipated range. This marks a significant milestone for Smithfield, as it returns to being publicly traded after a decade under private ownership by China's WH Group. The company had previously gone public in Hong Kong in 2014 following WH Group's acquisition.
Smithfield Foods is renowned as the largest pork producer in the United States, employing approximately 34,000 people nationwide. The decision to go public on the Nasdaq highlights the company's strategic focus on expanding its presence and visibility in the U.S. market. Shane Smith, President and CEO of Smithfield, noted the historical significance of the moment during a speech in New York City.
As part of its broader strategic initiatives, Smithfield announced its plan to transfer some hog farming operations to a joint venture with Murphy Family Ventures in North Carolina. This move is expected to refine their operational focus while leveraging partnerships to enhance efficiency. The IPO and operational adjustments signify Smithfield's commitment to strengthening its foothold in the competitive meat industry.
Quartz Intelligence Newsroom uses generative artificial intelligence to report on business trends. This is the first phase of an experimental new version of reporting. While we strive for accuracy and timeliness, due to the experimental nature of this technology we cannot guarantee that we'll always be successful in that regard. If you see errors in this article, please let us know at qi@qz.com.
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