The public offering came in at $522 million, although the pork producer had anticipated more than $900 million.

Smithfield Foods, the largest U.S. pork producer, raised $522 million in an IPO that was around 21% smaller than originally planned. Why it matters: There have been two big IPOs so far in 2025, and both of them bombed.

Smithfield Foods’ shares rose over their reduced initial public offering price Tuesday, as the pork producer returned to the stock market about 12 years after China’s WH Group took it private.

Smithfield will not receive any proceeds from the sale of the shares by the selling shareholder. Acting joint lead book-running managers for the proposed offering include Morgan Stanley, BofA Securities and Goldman Sachs & Co.

Smithfield Foods and its Chinese parent raised around $522 million from the U.S. pork giant's initial public offering after pricing shares below their marketed range.

The offering has been priced at $20 per share, not the $23 to $27 range suggested by the meat giant last week.

Smithfield Foods Inc. is offering Wall Street a seat at the table for potential growth in its packaged-meats business as the bacon and lunch-meat manufacturer set an estimated market capitalization of nearly $11 billion in its upcoming initial public offering.

Smithfield Foods was valued at $7.7 billion after its shares fell 3.2% on Tuesday, in a muted debut that might prompt other IPO candidates to tread cautiously. The lukewarm reception to the largest U.