China's WH Group set to raise $2 billion in revised IPO -source

HONG KONG, July 22 Tue Jul 22, 2014 1:56am EDT

HONG KONG, July 22 (Reuters) - Chinese pork producer WH Group Ltd will launch a fixed price initial public offering in Hong Kong to raise just over $2 billion on Wednesday, a person with direct knowledge of the matter told Reuters on Tuesday.

The company will sell shares at HK$6.20 each, the source said, valuing the company at 11.5 times its estimated 2014 earnings.

The offer would be the second attempt this year by the world's biggest pork company to go public, as it seeks funds to repay part of the debt it took to foot last year's $7.1 billion purchase of U.S. pork producer Smithfield International. (Reporting By Elzio Barreto, writing by Lawrence White; Editing by Denny Thomas and Miral Fahmy)