JBS puts U.S. IPO plans on hold

Company alludes to possibility of seeking listing at later date.

JBS S.A. recently filed with the U.S. Securities & Exchange Commission (SEC) to withdraw a request to register JBS Foods International B.V. as a U.S. initial public offering (IPO) on the New York Stock Exchange for its Class A common shares, but the company may only be shelving the idea for now.

“The company is requesting withdrawal of the registration statement because the company has decided not to pursue the sale of securities pursuant to the registration statement at this time,” JBS said in the filing.

A JBS spokesperson told Feedstuffs the latest SEC submission was a procedural matter and added that “it does not preclude the company or any of its affiliates from seeking a listing in the U.S. at a later date. The company remains of the view that a listing in the U.S. is the right path forward to maximize value for all stakeholders.”

JBS initially announced the IPO plans on Dec. 6, 2016, but the involvement of company executives in numerous ongoing scandals threw the company into turmoil this year, forcing it to sell several of its business and to reorganize.

TAGS: Business
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