Smithfield Foods, Inc. (Ticker: SFD) is a U.S.-based food company specializing in meat products, particularly pork. The company, owned by Hong Kong-based WH Group since 2013, is the largest pork producer in the United States. Smithfield Foods will return to the U.S. stock market, listing on the Nasdaq Global Select Market on January 28, 2025.

The IPO includes 34.8 million shares, split equally between primary and secondary shares, at a price range of $23.00 to $27.00 per share, aiming to raise $939.6 million. A 15% greenshoe option of 5.22 million shares is also available. The offering could value the company at up to $10.73 billion at the top of the range.

The offering is managed by Morgan Stanley (lead underwriter), BNP Paribas, BTIG, Barclays, BofA Securities, Citigroup, Goldman Sachs, HSBC, and Rabo Securities. WH Group plans to reduce its ownership stake in Smithfield to 91.2% following the IPO. The proceeds are intended for investments in infrastructure, automation, and capacity expansion.

IPOX® CEO Josef Schuster noted with Reuters that as the first major consumer IPO of the year, Smithfield’s offering will be closely watched. He stated that the success of this IPO could influence other deals across industries, particularly if it performs well initially.