The size of the deal could grow to as much as $6bn if WH Group’s current owners including private equity firm CDH Group and others decide to sell their shares.
China’s CDH Investments, which has been eyeing an exit for some time, New Horizons and Goldman Sachs are preparing to sell stakes through the IPO.
Last year the company bought Smithfield Foods, the world’s largest pork processor for $7.1bn, including debt.
WH Group started pre-marketing the deal on March 31, and could hit $6bn through the share sale.
That would be the biggest Hong Kong listing since insurance company AIA Group raised more than $20bn through an IPO in 2010.
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.
The listing price has a price-to-earnings multiple of between15 and 20.8 times, according to IFR.
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