Smithfield Foods, Inc. (SFD), a noted player in the food industry, announced on Tuesday the commencement of its roadshow for an underwritten initial public offering (IPO) comprising 34.8 million common stock shares.
The anticipated pricing for the IPO ranges from $23 to $27 per share.
This offering includes 17.4 million shares issued by the company and an additional 17.4 million shares offered by current shareholders, as detailed in the registration statement.
Underwriters have been granted a 30-day option to purchase up to an additional 5.22 million shares of common stock from the selling shareholder, based on the initial offering price, excluding applicable discounts and commissions.
It should be noted that proceeds from the sale of these shares will not benefit Smithfield Foods directly.
The company has filed to have its common stock listed on the Nasdaq Global Select Market under the ticker symbol "SFD."
