By Patrick Thomas
Smithfield Foods shares entered negative trading territory in its first trading day following an initial public offering.
Shares recently traded down around 2.4% to $19.52. The company's IPO priced at $20 a share, below its target between $23 and $27 a share. The company also cut the amount of shares available in the offering. The pricing gave the company a market value of around $8 billion.
The listing is the largest U.S. IPO by a food company since Oatly in 2021, according to Dealogic.
Smithfield wants to be seen as America's pork champion after more than a decade under Chinese ownership. Its goal may rely on how the Trump administration manages trade ties with Beijing.
Read more here:
This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).
(END) Dow Jones Newswires
January 28, 2025 14:24 ET (19:24 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。