Brazil-based JBS SA, the world’s largest meat and poultry processor, plans an initial public offering (IPO) for JBS Foods, the company’s processed foods and poultry division created in late 2013. With the IPO, JBS hopes to raise BRL3 billion (US$1.36 billion) to use to pay down debt and make investments.

According to published reports, JBS has hired five investment banks to manage the IPO, with the possibility of more banks being added to the group. Banks selected so far have been identified as Bradesco, Banco Santander, BTG Pactual, BBI, and J.P. Morgan.

The timing of the JBS Foods IPO will depend on market conditions, but one source said it could happen in 2014.