JBS Foods files for initial public offering

Brazilian meat and poultry processor JBS SA on May 20 filed paperwork with the Brazilian securities commission (CVM) for an initial public offering (IPO) for JBS Foods. JBS Foods is the company’s newest subsidiary, producing value-added poultry and pork products.

It is expected that stock for JBS Foods will be accepted for trade on Brazil’s BM&F Bovespa stock market. The company sought registration as a publicly held company in Category A.

With the IPO, JBS hopes to use the money raised through the IPO to help pay down debt and make investments. JBS recently announced its financial results of the first quarter of fiscal year 2014, stating that net revenues for JBS Foods reached BRL2.78 billion (US$1.26 billion).