Brazilian meat and poultry processor JBS SA is resuming its plan to raise BRL4 billion (US$1.8 billion) from the initial public offering (IPO) of JBS Foods, the company’s newest subsidiary, which produces value-added poultry, pork and food products. An anonymous source with knowledge of the matter told Reuters the IPO could be done as early as October.

JBS had filed paperwork with the Brazilian Securities Commission on May 20, but a month later decided to back away from the plan when slumping confidence appeared to drive potential investors away from Brazilian businesses.

With the IPO, JBS is hoping to use the money raised to help pay down debt and make investments. Recent purchases made by JBS include Seara, Massa Leve and assets from Canada’s XL Foods. The company and its subsidiary Pilgrim’s also have a pending deal with Tyson Foods to purchase its and Brazilian and Mexican operations, known respectively as Tyson do Brasil and Tyson de Mexico. The acquisition of Tyson units is expected to be finalized before the end of 2014.

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JBS is expected to list the unit in the São Paulo Stock Exchange's Novo Mercado chapter, where corporate governance rules require that a company list at least 25 percent of its shares.