Smithfield Foods targets up to $10.7 billion valuation in US IPO

(Reuters) – Smithfield Foods is targeting a valuation of up to $10.73 billion in its U.S. initial public offering, the Farmland (NYSE:FPI) bacon maker said on Tuesday.

Hong Kong-based WH Group (OTC:WHGLY), the world’s largest pork producer, is spinning off Smithfield and listing its shares in the United States.

Smithfield and WH Group are offering 17.4 million shares each priced between $23 and $27 each to raise up to $939.6 million.

Morgan Stanley (NYSE:MS), BofA Securities and Goldman Sachs are the lead underwriters.

Smithfield will list on the Nasdaq under the symbol “SFD.”