US food group Pinnacle Foods has said it expects to raise up to US$580m in an initial public offering.
In a regulatory filing on Friday (15 March), the Blackstone Group-owned firm said it plans to sell 29m shares at between $18 and $20 each. The amount is equivalent to a 26% stake.
Pinnacle, owner of the Bird Eye and Duncan Hines brands, said its common stock has been approved for listing on the New York Stock Exchange under the symbol ‘PF’.
On completion of the offering, Blackstone will continue to own a majority of the voting power of all outstanding shares of common stock.
Blackstone bought Pinnacle for $2.2bn in 2007 and later combined the company with Birds Eye Foods following a $1.3bn acquisition.
The company, which had suffered a run of declining earnings with a drop in profits in November, earlier this month reported it was back in the black in 2012 after lower charges boosted its bottom line.
