Chinese pork giant plans IPO to raise up to $5.3bnBy AP News Apr 15, 2014 9:26AM UTC
HONG KONG (AP) — A Chinese company that is the world’s biggest pork producer says it plans to raise up to $5.3 billion in an initial public offering on the Hong Kong stock exchange.
WH Group said late Monday that it is selling 3.65 million shares priced at between 8 and 11.25 Hong Kong dollars ($1.03-$1.45).
That would raise between $4.1 billion and $5.3 billion for WH Group, formerly known as Shuanghui International Holdings.
The company is a pork behemoth after buying the largest U.S. pork company, Smithfield Foods Inc., less than a year ago for $4.7 billion in cash.
Most of the proceeds from the IPO will be used to pay off the loan that the company took out to buy Smithfield Foods.