Smithfield Foods (SFD Proposed) disclosed the terms for its IPO – 34.8 million shares at a price range of $23.00 to $27.00 per share – to raise $870 million, if priced at the $25.00 mid-point, according to an S-1/A filing early today – Tuesday, Jan. 21, 2025. The company launched the deal early today as well. The company is offering 17.4 million shares and the selling shareholder, SFDS UK Holdings Limited, an indirect wholly owned subsidiary of Smithfield’s parent company, WH Group Limited (“WH Group”), is offering 17.4 million shares.
The market cap would be $9.94 billion, if the IPO is priced at the $25.00 mid-point of its range.
Morgan Stanley, BofA Securities and Goldman Sachs are the leading joint book-runners. Barclays and Citigroup round out the joint book-running team.
The Smithfield IPO is expected to price on Jan. 27, 2025.
Smithfield Foods, founded in 1936 in Smithfield, Virginia, is an industry leader in value-added packaged meats and fresh pork with over $14 billion in annual sales, according to the prospectus. The company employs approximately 34,000 people in the United States and approximately 2,500 people in Mexico.
Smithfield is profitable: Net income of $450.0 million on revenue of $14.2 billion for the 12 months that ended Sept. 29, 2024.
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