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BUZZ-Smithfield Foods makes tepid debut after IPO size carved

Reuters
Jan 29, 2025
BUZZ-Smithfield Foods makes tepid debut after IPO size carved

** Smithfield Foods SFD.O edges up in Nasdaq debut on Tues after IPO priced well shy of expectations

** SFD opens at $21.05 vs $20 IPO price. Stock last trading at $20.08

** Largest U.S. pork processor and its Hong Kong-listed parent WH Group 0288.HK each sold ~13.04 mln shares for total raise of ~$522 mln

** They had intended to offer 34.8 mln shares, split equally, at $23-$27, for up to ~$940 mln raise

** WH's chairman, Wan Long, agreed to buy up to $64 mln of IPO shares, which is being funded by a commercial loan, according to a late filing

** WH, which bought co in 2013 for $4.7 bln and took it private, will still own more than 90% of SFD

** Morgan Stanley, BofA, Goldman Sachs, Barclays and Citigroup are jt bookrunners for the IPO

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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