Food company Smithfield Foods Inc. is announcing the pricing of an underwritten initial public offering of more than 26 million shares of its common stock at a public offering price of $20.00 per share. The offering consists of more than 13 million shares of common stock to be sold by the company, and more than 13 million shares of common stock to be sold by the company’s existing shareholder identified in the registration statement.

Additionally, the underwriters of the offering have been granted a 30-day option to purchase from the selling shareholder more than 3 million additional shares of the company’s common stock at the initial offering price, less underwriting discounts and commissions. The company will not receive any proceeds from the sale of the shares by the selling shareholder.

The shares are expected to begin trading on the Nasdaq Global Select Market on Jan. 28, 2025, under the ticker symbol “SFD.” The offering is expected to close on Jan. 29, 2025, subject to customary closing conditions.

Morgan Stanley, BofA Securities and Goldman Sachs & Co. LLC are acting as joint lead book-running managers for the proposed offering. Barclays and Citigroup are acting as joint book-running managers. BNP PARIBAS, HSBC, Rabo Securities and BTIG are also acting as book-running managers for the proposed offering. PNC Capital Markets LLC is acting as a co-manager. 

The offering is being made only by means of a prospectus.

A registration statement relating to these securities has been filed with, and declared effective by, the US Securities and Exchange Commission on Jan. 27, 2025.

Source: Smithfield Foods Inc.