Smithfield Foods, Inc. announced on January 27, 2025, the pricing of its initial public offering at $20.00 per share. This price is below the previously expected range of $23.00 to $27.00 per share.
The offering comprises 26,086,958 shares of common stock, with 13,043,479 shares sold by the company and an equal number by an existing shareholder. The company will not receive any proceeds from the shares sold by the existing shareholder.
The underwriters have been granted a 30-day option to purchase up to 3,913,042 additional shares from the selling shareholder. Shares are expected to begin trading on the Nasdaq Global Select Market on January 28, 2025, under the ticker symbol 'SFD', with the offering anticipated to close on January 29, 2025.
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