World's biggest meatpacker eyes US stock listing

JBS Foods, the world's largest meatpacking company, is pursuing an initial public offering (IPO) in the United States, planning to list its shares on the New York Stock Exchange (NYSE) by the end of 2023.
The parent company of the Brazil-based JBS said Wednesday it plans to dual-list in Sao Paulo and New York in an effort to unlock shareholder value and make its global presence more widely known, reports investopedia.
Class A shares of JBS will be traded on the NYSE, while Brazilian Depository Receipts (BDRs) will be traded on B3 in Sao Paulo. Minority shareholders will have the option to exchange their BDRs for Class A shares at any time.
"The dual listing strategy will accelerate our capacity for diversification and growth into more branded and value-added food products, reduce our cost of capital, and generate greater returns for shareholders," said CEO Gilberto Tomazoni in a statement.
JBS is the world's largest meatpacker, with a global food production platform and annual revenues of 375 billion Brazilian reals ($78 billion). While 60% of its workforce is stationed in Brazil, the company operates in 24 countries and its more than 330,000 customers span nearly every country in the world.
The company's US presence has expanded dramatically in recent decades. A majority of its almost $80 billion in revenue last year came from the company's North American beef business, US pork unit, and a majority stake in Pilgrim's Pride (PPC), the second-largest US chicken company.