WASHINGTON (dpa-AFX) - Smithfield Foods, Inc.(SFD), a food company, Tuesday announced that it has started the roadshow for an underwritten initial public offering of 34.8 million common stock shares.
The initial public offering price is expected to be between $23 to $27 per share.
The offering includes 17.4 million common shares sold by the company and another 17.4 million shares sold by existing shareholders listed in the registration statement.
The underwriters will have a 30-day option to buy up to 5.22 million additional shares of the company's common stock from the selling shareholder at the initial offering price, minus discounts and commissions.
Smithfield Foods will not receive any money from the sale of these shares.
The company has applied to list its common stock on the Nasdaq Global Select Market with the ticker symbol 'SFD.'
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