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Pork giant WH Group slashes IPO target, buyout backers to keep stakes

23 Apr 2014

news_sausage_lrgPrivate equity backed pork production titan WH Group has reportedly slashed its upcoming Hong Kong IPO by two-thirds amid market volatility and rising valuations.

The company had initially hoped to raise up to $5.3bn through what would have been Hong Kong’s biggest listing in four years, but is now seeking up to $1.9bn according to Reuters, which said it had seen a revised term sheet.

CDH Group, Goldman Sachs and Singapore sovereign wealth investor Temasek were planning to sell down their stakes under the sale, but will no longer do so.

The price range of HK$8 to HK$11.25 per share remains unchanged, Reuters added.

CDH has a 33.7 per cent stake in WH Group, New Horizons 4.2 per cent and Goldman Sachs’ private equity arm 5.2 per cent.

Last year WH bought Smithfield Foods, the world’s largest pork processor for $7.1bn, including debt.

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