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.
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(END) Dow Jones Newswires
January 28, 2025 14:24 ET (19:24 GMT)
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