US poultry group Wayne Farms has said it expects to just under US$234m from plans to float the business on the Nasdaq.
The company is majority-owned by agribusiness Continental Grain, which will still own stock representing 76% of the combined voting power in the business after the transaction.
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In an SEC filing, Wayne Farms set a price range for the IPO of $18-21 a share. At the midpoint of the range, Wayne Farms said it expects to raise $233.8m.
Around $161.9m would be used to pay down debt, $25m for working capital and general corporate purposes and the rest would be distributed to Continental Grain. Shares in Wayne Farms will be listed under the ticker symbol WNFM.
In the filing, Wayne Farms said it saw revenue increase 7.4% to $2.2bn in the year to 28 March.
Describing itself as the "sixth largest integrated producer and processor of broiler chickens in the United States", Wayne Farms said its sales are "largely targeted" at retail, foodservice and industrial customers including Costco, H.E. Butt Grocery Co., Chick-fil-A, Nestle and Heinz.
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By GlobalData
