Smithfield Foods (SFD) stock edged lower in its trading debut Tuesday after the U.S. pork giant priced shares below their marketed range.

On Monday, Smithfield and Chinese owner WH Group priced a total of nearly 26.1 million shares at $20 each in their 澳洲幸运5官方开奖结果体彩网:initial public offering (IPO). The two had 澳洲幸运5官方开奖结果体彩网:originally offered 34.8 million shares at $23 to $27 apiece. The shares opened on the Nasdaq Tuesday at $21.05, endin𒁃g the da꧂y down 1.3% to $19.75.

The IPO marked a return to a U.S. listing for the Smithfield, Va.-based company, which went private when WH Group acquired it for nearly $5 billion in 2013. Its pricing, however, along with the cool response signals that the company overestimated demand for the IPO, which hit the market as bankers prepare for an expected 澳洲幸运5官方开奖结果体彩网:boom in deals this year. 

WH Group Will Continue to Hold Majori🧔ty of Smithfield

WH Group's acquisition of Smithfield over a decade ago was then the biggest purchase by a Chinese firm of a U.S. one, according to Dealogic data. The Hong Kong-listed firm will continue to own about 90% of Smithfield. 

Smithfield's IPO is the largest by a food firm in the US since Swedish milk company Oatly Group's (OTLY)ဣ $1.6 billion l🍌isting in 2021, according to Dealogic.

Apart from pork production, Smithfield sells packaged meat under its own namesake brand as well as Eckrich, Nathan's Famous, and Farmer John.   

This article has been updated since it was first published to include closing share price data and add background information.