Brazilian meatpacker Prima Foods files for IPO

Brazil
Published:  05 March, 2020

The company is owned by José Batista Junior, the oldest brother of Wesley and Joesley Batista, billionaires and controlling shareholders of meat processing giant JBS.

Brazilian meatpacker Prima Foods is said to have filed for an initial public offering (IPO) on March 3. According to the filing, Jose Batista Junior intends to partially sell his shares in the company. The share offering is expected to reach roughly R$1 billion (US$222 million), it is claimed.

Located in the Brazilian states of Minas Gerais, Goiás and Mato Grosso do Sul, the company has slaughter capacity of 2,600 heads of cattle daily, according to the filing. In 2019, Prima Foods recorded revenue of R$2 billion (US$436.15 million), with a net profit of R$241.2 million (US$52.6 million). Almost 65% of its sales in 2019 were exported, mainly to China.

Sources: Forbes Brasil/Reuters