Smithfield Foods, Inc., an American food company and an industry leader in value-added packaged meats and fresh pork, announced that the company has commenced the roadshow for an underwritten initial public offering of 34,800,000 shares of its common stock.
The initial public offering price is expected to be between $23.00 and $27.00 per share.
The offering consists of 17,400,000 shares of common stock to be sold by Smithfield and 17,400,000 shares of common stock to be sold by the company’s existing shareholder identified in the registration statement. In addition, the underwriters of the offering will be granted a 30-day option to purchase from the selling shareholder up to 5,220,000 additional shares of the company’s common stock at the initial offering price, less underwriting discounts and commissions. The company will not receive any proceeds from the sale of the shares by the selling shareholder.
Smithfield has applied to list its shares of common stock on the Nasdaq Global Select Market under the ticker symbol “SFD.”
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