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Smithfield Foods files for initial public offering

The world’s largest pork supplier, Smithfield Foods, has filed for its initial public offering in the U.S.  The company submitted its registration statement to the U.S. Securities and Exchange Commission on Monday and would sell shares of its common stock on the Nasdaq under the ticker symbol “SFD”.  According to a release from the company, its existing shareholder, China-based WH Group is also expected to sell shares of its common stock. 

Smithfield Foods says the timing, the number of shares that may be offered, and the price range for the proposed offering have not yet been determined. It also says the offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of the offering.

The WH Group purchased Smithfield in 2013, and since then has become one of the largest Chinese owners of U.S. farmland. The IPO move comes as Congress continues to tighten restrictions on Chinese ownership of U.S. farmland.  China owns less than 1% of the total land owned by foreign interest.  

The documents filed with the SEC provided a summary of sales and business information.  In recent years, the company has restructured some of its operations.  In December 2023, Smithfield sold around 150,000 hogs in North Carolina to Murphy Family Farms.  In November, the company sold certain farms in Missouri for $32 million.  The company also closed a California facility, sow farms in Missouri, and several nursery farms in Utah.

Smithfield had more than $14 billion in annual sales and employs approximately 34,000 people in the U.S.