JBS "nearing" IPO

JBS "nearing" IPO

Brazilian meat group JBS is reportedly set to launch the initial public offering of its domestic unit JBS Foods "within weeks".

According to Reuters - which cited an unnamed source familiar with the matter - JBS hopes to raise BRL4bn (US$1.8bn) by listing its domestic food operations as early as next month.

JBS confirmed in May it had started the process of listing JBS Foods. At the time, JBS said it expected the shares will be accepted for trading on the Novo Mercado of the BM&FBOVESPA exchange in Sao Paulo.

The company apparently wants to kick off investor meetings ahead of the move next week. However, the company declined to comment. 

JBS created JBS Foods last year when it acquired Seara Brasil from Brazilian rival Marfrig.