Pork Producer Smithfield Shares Slip After $522 Million IPO
Smithfield and its parent company, WH Group, had offered 17.4 million shares each for $23 to $27 apiece.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Smithfield Foods Inc. shares fell 1.3% in the pork producer’s return to being a public company, after the stock priced below the range offered in its IPO.
Shares of the world’s largest pork producer closed at $19.75 each on Tuesday, below the initial public offering price of $20 each. Smithfield and an indirectly owned subsidiary of its backer, Hong Kong-listed WH Group Ltd., sold about 26 million shares to raise $522 million.