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)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.