WH Group takes second stab at IPO
HONG KONG – WH Group Ltd. renewed its bid to go public by re-launching a scaled-down initial public offering (IPO), according to news reports.
The company plans to sell 2.6 billion shares at HK$6.20 (80 cents). The share offering would raise HK$15.9 billion ($2 billion). WH Group has the option to sell more shares if demand is strong. Shares are scheduled to trade in early August.
WH Group scrapped its first IPO in April. Lackluster demand for shares and market volatility, among other factors, contributed to the company's decision to withdraw a share offering expected to raise more than $5 billion.
WH Group, formerly known as Shuanghui International, acquired Smithfield Foods Inc. in September 2013. WH Group owns a variety of food and logistics enterprises including Henan Shuanghui Investment & Development Co. Ltd., China's largest meat processor.