WH Group IPO nets $1.97B
HONG KONG – WH Group has raised HK$15.3 billion (US$1.97 billion) from the company's second initial public offering, according to news reports. The company plans to use the money to repay a loan used to acquire Smithfield Foods Inc.
The company offered 2.6 billion shares at HK$6.20 (US80 cents) with the option to sell more shares to meet strong demand. Shares are scheduled to start trading Aug. 5.
WH Group, formerly known as Shuanghui International, acquired Smithfield Foods Inc. in September 2013. The Hong Kong-based company is the world's largest pork supplier.