05:55 ET - The much-anticipated return of Smithfield Foods to the U.S. stock market lands with a thud, with a downsized IPO pricing well below expectations. The offering of nearly 26.1 million shares is priced at $20 apiece, with Smithfield and parent WH Group each selling roughly 13 million shares. The companies had planned to offer 34.8 million shares at between $23 and $27 each, and a pricing at the high end of that range would have given Smithfield a market capitalization topping $10.7 billion, but the downsized offering and $20 pricing instead gives the largest U.S. pork producer a market value approaching $7.9 billion. Smithfield shares begin trading later Tuesday under prior symbol SFD. (colin.kellaher@wsj.com)
(END) Dow Jones Newswires
January 28, 2025 05:55 ET (10:55 GMT)
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