HONG KONG (AP) — Chinese pork giant WH Group is taking a second run at going public with a scaled-back share offering after abandoning its first IPO attempt because of sagging investor demand.
The company, which bought U.S. producer Smithfield Foods last year, said Friday it would sell 2.6 billion shares at 6.20 Hong Kong dollars (80 cents). The deal would raise HK$15.9 billion ($2 billion).
WH Group had originally planned to raise more than double that amount earlier this year but investors were turned off at a time when financial markets were turbulent.
Previously known as Shuanghui International, the company is the world's biggest pork producer.
It had planned to use the money from the IPO to help pay for the Smithfield acquisition, which was valued at $7.1 billion including debt.