Prima Foods is set to be the latest Brazilian meatpacking business to go public, according to reports.

News agency Reuters has reported that Prima has requested registration for an initial public offering (IPO) with the Brazilian Securities and Exchange Commission (CVM).

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Reuters quotes sources suggesting the IPO would be expected to reach roughly BRL1bn (US$216m).

It would be following in the footsteps of local peers such as JBS, BRF and Minerva if its goes through with the IPO.

Prima Foods is controlled by businessman José Batista Junior, the older brother of Wesley and Joesley Batista, who controlling shareholders of JBS, the Brazilian meat giant and one of the world’s largest players in the sector.

Reports in the Brazilian media suggest Prima Foods’ offer will be secondary – the sale of its own shares.

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The company has a slaughtering capacity of 2,600 head of cattle per day in the states of Minas Gerais, Goiás and Mato Grosso do Sul.

It recorded revenue of BRL2bn in 2019 and a net profit of BRL241.2m.

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