Smithfield Foods unveiled terms Tuesday for its planned initial public offering (IPO), with the largest U.S. pork producer and Hong Kong-listed parent company WH Group both planning to offer 17.4 million shares at a price between $23 and $27 each.

The largest U.S. pork producer estimates the move will generate $400.4 million in proceeds and said it would have almost 397.5 million shares outstanding after the IPO, resulting in a market capitalization of nearly $10 billion at the midpoint of the offering range. The high end of the range would give it a market cap of more than $10.7 billion. 

The company estimated that it generated a gross profit of $515 million to $543 million on sales between $3.87 billion and $3.95 billion for the three months ended Dec. 29.

After the IPO, WH Group still would own about 90% of Smithfield, which has applied to list on the Nasdaq under the ticker "SFD."

The planned IPO comes after companies going public raised $39.32 billion in the U.S. in 2024, more than in the previous two years, per Dealogic data. Market participants widely expect 2025 to be a better year for IPOs, with President Donald Trump seen easing regulations and the Federal Reserve cutting interest rates.