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 bacon maker said on Tuesday.

Hong Kong-based WH Group, 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, BofA Securities and Goldman Sachs are the lead underwriters.

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

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar)