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SMITHFIELD FOODS' INITIAL PUBLIC OFFERING WAS BELOW IPO PRICE
Jan. 30, 2025
By Steve Gels, MarketWatch.com
Smithfield Foods Inc.'s initial public offering fell below its reduced price Tuesday, as the pork producer returned to the stock market about 12 years after China's WH Group took it private.
At the closing bell, Smithfield's stock ended its first day of trading at $19.75 a share for a roughly 1.3% drop below its IPO price of $20 a share. The stock traded above $20 a share earlier in the day but then fell back.
The Smithfield, Va.-based company raised $521.7 million by offering 26.1 million shares with the help of lead underwriters Morgan Stanley, BofA Securities and Goldman Sachs.
The IPO from the largest U.S. processor of fresh pork priced below its estimated range of $23 to $27 a share, while cutting the size of the IPO from its earlier projection of 34.8 million shares.
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