US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

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Smithfield Foods / Equity Capital Markets

<ul>
<li>The company  priced a downsized transaction of 26.08mm shares (down from 34.8mm) at $20.00 (original range $23-$27) and opened at $21.05 for a gain of 5.3% at first trade.</li>
<li>A broken IPO usually hurts the psyche of the IPO market in the short term.</li>
<li>The healthcare space will be looking to give IPOs a boost during the second half of the week with much stronger deals set to debut.</li>
</ul>


The company  priced a downsized transaction of 26.08mm shares (down from 34.8mm) at $20.00 (original range $23-$27) and opened at $21.05 for a gain of 5.3% at first trade.
A broken IPO usually hurts the psyche of the IPO market in the short term.
The healthcare space will be looking to give IPOs a boost during the second half of the week with much stronger deals set to debut.


Smithfield Foods Inc (SFD): IPO Opens with Heavy Selling Pressure, Closes Below Issue

<ul>
<li>Sources have stated that the deal is experiencing "pushback" from the buy-side on the price. </li>
<li>Fresh on the mind of IPO investors is the underperforming energy deal, Venture Global (VG)</li>
<li>Price sensitivity in the deal is a stark signal to exercise caution on this IPO at this time</li>
</ul>


Sources have stated that the deal is experiencing "pushback" from the buy-side on the price. 
Fresh on the mind of IPO investors is the underperforming energy deal, Venture Global (VG)
Price sensitivity in the deal is a stark signal to exercise caution on this IPO at this time


Smithfield Foods, Inc. (SFD): Price Sensitivity Emerges in Another IPO

<ul>
<li>The company is seeking a market cap of $9.1b-$10.7b based on the $23-$27 range. </li>
<li>A high end pricing for Smithfield values the company at roughly 13.5x this year's earnings, a sizable discount to comps Hormel Foods (about 21x) and Tyson Foods (26x).</li>
<li>It is our opinion that the business model is well-rounded, resilient and stable with multiple-organic growth levers.</li>
</ul>


The company is seeking a market cap of $9.1b-$10.7b based on the $23-$27 range. 
A high end pricing for Smithfield values the company at roughly 13.5x this year's earnings, a sizable discount to comps Hormel Foods (about 21x) and Tyson Foods (26x).
It is our opinion that the business model is well-rounded, resilient and stable with multiple-organic growth levers.


Smithfield Foods (SFD): IPO Provides a Compelling Discount to Industry Peers

<ul>
<li>Spin-Off of WH Group's could raise up to $939 million if priced at the high-end of the range</li>
<li>The IPO is set to price on Monday January 27th for a Tuesday, January 28th debut</li>
<li>Flash numbers revealed sales for the three months ended December 29, 2024 will range from $3,873 million to $3,953 million (prev. year $3,998 million)</li>
</ul>


Spin-Off of WH Group's could raise up to $939 million if priced at the high-end of the range
The IPO is set to price on Monday January 27th for a Tuesday, January 28th debut
Flash numbers revealed sales for the three months ended December 29, 2024 will range from $3,873 million to $3,953 million (prev. year $3,998 million)


Smithfield Foods (SFD): Terms Set for WH Group's Spin-Off

<ul>
<li>American food giant with $14 billion in sales to go public in Q1</li>
<li>Company is a spin-off from WH Group which acquired Smithfield in 2013</li>
<li>Breaking down key points of the initial prospectus which was filed  on January 6th</li>
</ul>


American food giant with $14 billion in sales to go public in Q1
Company is a spin-off from WH Group which acquired Smithfield in 2013
Breaking down key points of the initial prospectus which was filed  on January 6th


Smithfield Foods (SFD) : Peeking at the Prospectus of an Upcoming Q1 IPO

United States

Smithfield Foods, Inc. is an American food company with a leading position in packaged meats and fresh pork products. With a diverse brand portfolio and strong relationships with U.S. farmers and customers, the company responsibly meets demand for quality protein around the world.

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Smithfield Foods (SFD US)

Smithfield Foods Inc (SFD): IPO Opens with Heavy Selling Pressure, Closes Below Issue

Company prices downsized IPO at $20/share, opens at $21.05 for 5.3% gain. Broken IPOs impact market psyche short term. Healthcare sector to boost...

IPO Boutique

Smithfield Foods, Inc. (SFD): Price Sensitivity Emerges in Another IPO

Investors are exercising caution as buy-side pushes back on price which could signal potential trouble for upcoming IPO Smithfield Foods.

IPO Boutique

Smithfield Foods (SFD): IPO Provides a Compelling Discount to Industry Peers

Company seeking market cap of $9.1b-$10.7b with $23-$27 range, high end pricing values at 13.5x earnings, strong and stable business model with...

IPO Boutique

Smithfield Foods (SFD): Terms Set for WH Group's Spin-Off

WH Group's spin-off IPO could raise $939 million, set to debut on January 28th, set terms for its upcoming IPO on Tuesday morning.

IPO Boutique

Smithfield Foods (SFD) : Peeking at the Prospectus of an Upcoming Q1 IPO

American food giant, a spin-off from WH Group, set to go public in Q1 with $14 billion in sales, as detailed in initial prospectus filed on...

IPO Boutique

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52-week Range

Market Cap (USDm)

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Smithfield Foods Inc (SFD): IPO Opens with Heavy Selling Pressure, Closes Below Issue

​Company prices downsized IPO at $20/share, opens at $21.05 for 5.3% gain. Broken IPOs impact market psyche short term. Healthcare sector to boost...

IPO Boutique

Smithfield Foods, Inc. (SFD): Price Sensitivity Emerges in Another IPO

​Investors are exercising caution as buy-side pushes back on price which could signal potential trouble for upcoming IPO Smithfield Foods.

IPO Boutique

Smithfield Foods (SFD): IPO Provides a Compelling Discount to Industry Peers

​Company seeking market cap of $9.1b-$10.7b with $23-$27 range, high end pricing values at 13.5x earnings, strong and stable business model with...

IPO Boutique

Smithfield Foods (SFD): Terms Set for WH Group's Spin-Off

​WH Group's spin-off IPO could raise $939 million, set to debut on January 28th, set terms for its upcoming IPO on Tuesday morning.

IPO Boutique

Smithfield Foods (SFD) : Peeking at the Prospectus of an Upcoming Q1 IPO

​American food giant, a spin-off from WH Group, set to go public in Q1 with $14 billion in sales, as detailed in initial prospectus filed on...

IPO Boutique

Company prices downsized IPO at $20/share, opens at $21.05 for 5.3% gain. Broken IPOs impact market psyche short term. Healthcare sector to boost...

Investors are exercising caution as buy-side pushes back on price which could signal potential trouble for upcoming IPO Smithfield Foods.

Company seeking market cap of $9.1b-$10.7b with $23-$27 range, high end pricing values at 13.5x earnings, strong and stable business model with...

WH Group's spin-off IPO could raise $939 million, set to debut on January 28th, set terms for its upcoming IPO on Tuesday morning.

American food giant, a spin-off from WH Group, set to go public in Q1 with $14 billion in sales, as detailed in initial prospectus filed on...