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Friday, June 19, 2015
Wayne Farms seeks to raise $250 million in IPO
Wayne Farms plans to raise $250 million by offering 12.8 million shares at a price range of $18 to $21. The poultry company, which in March filed for an initial public offering (IPO), on June 15 released the terms of the IPO.
According to a NASDAQ report, the U.S. poultry company has plans to list on the NASDAQ exchange under the symbol WNFM.
Citi, J.P. Morgan and BMO Capital Markets have been named as the joint bookrunners on the deal, which is expected to price during the week of June 22.
The IPO follows earlier comments made by Paul Fribourg, chairman and CEO of Wayne Farms parent company Continental Grain Company, who in November 2014 stated that he viewed a Wayne Farms IPO as a way to gain capital as the current commodities cycle takes another turn.
Wayne Farms, according to the WATT Global Media Top Companies Database, is the sixth largest broiler company in the United States. In 2014, the company processed 45.39 million pounds of ready-to-cook chicken on a weekly basis. Wayne Farms has nine slaughter plants, nine hatcheries, eight feed mills and 3,575 growout houses.
Wayne Farms was founded in 1965 and is headquartered in Oakwood, Georgia.