Smithfield Foods (SFD) said late Monday it priced an underwritten initial public offering of about 26.1 million common shares at $20 each, below the $23 to $27 per share indicative range.
The offering consists of about 13 million shares sold by the company and roughly as many shares sold by an existing shareholder.
The selling shareholder granted the underwriters a 30-day option to buy up to about 3.9 million additional shares.
The shares are expected to start trading on the Nasdaq Global Select Market on Tuesday under the ticker symbol "SFD." The offering is expected to close on Wednesday.
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