Smithfield has been owned by China's WH Group since 2013, and the combined company went public in Hong Kong in 2014. Smithfield is the largest pork producer in the U.S., with 2023 sales of $14.175 billion and approximately 34,000 employees nationwide.
KEY TAKEAWAYS. Smithfield Foods stock edged lower in its trading debut Tuesday after the U.S. pork giant priced shares below their marketed range. On Monday, Smithfield and Chinese owner WH Group priced a total of nearly 26.1 million shares at $20 each in their initial public offering.
Smithfield Foods is raising $522 million through its initial public offering on the Nasdaq Global Select Market. The price was lower than the nation's leading pork producer had expected.
Step 1: Figure out where to buy Smithfield Foods stock
You will need an online brokerage account in order to access the NASDAQ market and buy SFD stock. A brokerage account allows you to buy and sell a number of investments, including stocks, bonds, mutual funds, and ETFs.
(the "Company"), an American food company and an industry leader in value-added packaged meats and fresh pork, today announced the pricing of an underwritten initial public offering of 26,086,958 shares of its common stock at a public offering price of $20.00 per share.
Smithfield Foods became a wholly- owned subsidiary of Shuanghui International Holdings Limited, creating a leading global pork enterprise. The following year, Shuanghui International Holdings Limited was renamed WH Group.
The City of London Corporation, which runs the site, said on Tuesday its council voted to stop operating Smithfield and Billingsgate fish market. The original plan had been to relocate the markets to a £1bn development in Dagenham, but a sharp rise in construction costs and wider inflation forced a rethink.
What is the stock price prediction for Smithfield Foods?
The average price target for Smithfield Foods is 29.50. This is based on 7 Wall Streets Analysts 12-month price targets, issued in the past 3 months. The highest analyst price target is $32.00 ,the lowest forecast is $28.00. The average price target represents 14.65% Increase from the current price of $25.73.
Can the general public buy meat from the Smithfield market?
Can the public buy? Anyone can buy meat, poultry and provisions at Smithfield. It is open to the public by Charter: walk through the Market, look around, talk to the salesmen on the front of the stalls.
In 2013, Smithfield was taken private and became a wholly owned subsidiary of Hong Kong-based WH Group, which is publicly traded on The Stock Exchange of Hong Kong Limited.
Did Smithfield Foods price its IPO below its market range?
The offering was priced at $20 per share, Smithfield said, below the $23-$27 per share range that would have raised as much as $939.6 million. Smithfield raised $260.9 million in the offering, while the rest was raised by the selling stockholder, a unit of its parent company WH Group (0288.HK) , opens new tab.
Smithfield and Billingsgate food markets in London will be turned into new homes and a cultural destination under plans by their owner – but the future of the meat and fish traders housed on each site remains in doubt.
Fortune magazine once again has ranked Smithfield Foods among America's 500 largest corporations. Smithfield placed 214th among Fortune's top 500 U.S. companies, based on a total revenue of $13.2 billion. The company has appeared on the Fortune 500 for 17 consecutive years.
Did Smithfield Foods announce terms of planned IPO?
Smithfield Foods, a leading US producer of meat products being spun out of China's WH Group, announced terms for its IPO on Tuesday. The Smithfield, VA-based company plans to raise $870 million by offering 34.8 million shares (50% secondary) at a price range of $23 to $27.
Then known as Shuanghui Group, WH Group purchased Smithfield Foods in 2013 for $4.72 billion. It was the largest Chinese acquisition of an American company to date.
Export sales accounted for 13% of Smithfield's total sales for the nine months ended Sept. 29. Its stock was last trading at $19.36, compared with the IPO price of $20, below the $23-$27 range it had forecast earlier.
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Billingsgate's site near Canary Wharf is set to be transformed into some 4,000 new homes; meanwhile, Smithfield is set to be regenerated into a “cultural and commercial hub” to accompany the new London Museum, set to open next year in a once-abandoned section of the market.
The announcement by the City of London Corporation in November that Smithfield market is to close after almost 900 years of trading has been met with surprise and dismay. Many Londoners fear Smithfield's special sense of place will be lost for good as a result.
The shares are expected to begin trading on the Nasdaq Global Select Market on January 28, 2025 under the ticker symbol "SFD." The offering is expected to close on January 29, 2025, subject to customary closing conditions. Morgan Stanley, BofA Securities and Goldman Sachs & Co.
A request does not ensure that you will have access to the shares as brokers typically get a set amount. If you do have access, then the final step is placing the order. Most IPOs are not accessible to the average retail investor but rather only to institutional investors.
Potential advantages of investing in an IPO include the prospect of obtaining listing gains if the company debuts at a price surpassing the offer price. If you, having applied for shares at the offer price, receive them and the company opens at a higher price, significant profits can be realised.
Main Board IPO (NSE/BSE Main Platform): Minimum post-issue paid-up capital: ₹10 CRORES. Net tangible assets: At least ₹3 crores in each of the 3 years. Average operating profit: At least ₹15 crores during the 3 preceding years.
