Zhongpin has priced its previously-announced public offering of 4m shares at US$13.25 a share.

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The China-based meat and food processing group said that it also granted the underwriters a 30-day option to buy an additional 600,000 shares to cover over-allotments.


Piper Jaffray & Co. acted as the sole book-running manager for the offering and Susquehanna Financial Group acted as co-manager.


Net proceeds, after underwriting discounts and commissions and expenses, will be approximately $49m, the company said.


Zhongpin intends to use the net proceeds from the offering to fund expansion plans, repay short-term debt and for working capital and general corporate purposes.

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