AdvancePierre Announces Terms for $400-Million IPO

July 6, 2016
AdvancePierre Foods filed for an initial public offering (IPO), with a maximum price valued at up to $491.97 million.

AdvancePierre Foods, Cincinnati, has filed an amended S-1 form with the Securities and Exchange Commission (SEC) for an initial public offering (IPO). APFH plans to raise $400 million in the IPO by offering the 18.6- million shares at a stock price of $20 to $23 per share. At the maximum price, the entire offering is valued at up to $491.97 million. All told, new investors would have the chance to nab a 27-percent stake in the company, as AdvancePierre expects to have 78.6 million shares outstanding after the IPO. Net proceeds from the IPO will reportedly go toward paying down its debt. The company intends to list on the New York Stock Exchange under the symbol APFH.

AdvancePierre markets and distributes roughly 2,600 stock keeping units (SKUs) across all day parts in product categories including ready-to-eat breakfast sandwiches, peanut butter and jelly sandwiches, hamburgers; sandwich components, such as fully cooked hamburger and chicken patties, Philly steaks, snacks and entrées such as country fried steak, stuffed entrées, chicken tenders and cinnamon dough bites.

In fiscal 2015, 67.4 percent of its net sales were in the fast-growing ready-to-eat sandwiches and sandwich components categories. The products are shipped frozen and sold under the company’s commercial and retail brands, as well as private-label and licensed brands.

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