World's largest pork supplier withdraws IPO deal

As a result of weak demand, WH Group pulls initial public offering

The WH Group Ltd. ditched its initial public offering (IPO) plan to raise $1.9 million to reduce debt incurred after purchasing U.S. pork company Smithfield Foods Inc. for the price tag of $4.7 billion last year.

On April 14, WH Group had announced details of the IPO in addition to the particulars of its proposed listing on the Hong Kong Stock Exchange.

Last week, WH Group cut back the scope of the IPO immensely, reducing the original offering from $5.3 billion to $2 billion.

After negative response from investors, the company decided to delay the IPO without releasing a timetable for future actions.

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