Shares of JBS, the Brazilian meat processing titan, made their debut on the U.S. public market on Friday, priced at $13.65 per share.
This initial trading value places the company at approximately $30 billion, surpassing the market capitalization of its competitor Tyson Foods, which stands at about $19.82 billion.
JBS is now officially listed on the New York Stock Exchange under the “JBS” ticker, having postponed its launch by a day due to unfinished operational procedures that delayed its expected debut on Thursday. The firm’s stock was previously delisted from the Sao Paulo Exchange a week prior as part of its dual-listing strategy.
Founded over 70 years ago, JBS has evolved into the largest meatpacking firm globally. According to regulatory documents, the company reported a net revenue of $77.2 billion alongside a net income of $2 billion in the last fiscal year.
JBS operates extensive business operations around the globe, with significant presences in Brazil, the United States, and Australia. Furthermore, the company holds a dominant stake of over 80% in Pilgrim’s Pride, a leading poultry producer in the U.S.
The journey towards JBS’s U.S. listing has been a lengthy process, spanning more than 15 years. The company’s U.S. subsidiary initially announced plans for an IPO back in 2009, but those efforts were thwarted by two subsequent delays. In late 2016, JBS indicated intentions for a U.S. IPO within a larger restructuring initiative, yet this was shadowed by a corruption investigation launched by the Brazilian government that also implicated top executives.
In 2017, J&F Investimentos, which holds a controlling interest in JBS, agreed to pay a staggering $3.2 billion in a settlement over bribery allegations. Joesley and Wesley Batista, the former chair and CEO respectively, who are also the sons of the company’s founder, evaded prison by cooperating with legal authorities. Subsequently, they settled with the U.S. Securities and Exchange Commission in 2020, paying close to $27 million.
Although the Batistas distanced themselves from J&F during the scandal, they returned to the company’s board last year after being cleared of insider trading accusations.
Recently, in October, the Brazilian government imposed a fine on JBS for purchasing cattle that were reportedly sourced from lands claimed to be protected in the Amazon rainforest.
The company’s troubling history regarding corruption and bribery has sparked opposition from lawmakers across the political spectrum, casting doubt on regulatory approval of its U.S. listing.
Following President Donald Trump’s reelection, Pilgrim’s Pride—which is a subsidiary of JBS—made headlines for donating $5 million to his inauguration committee, marking it as the largest donor. The company stated then its dedication to engaging with the new administration, highlighting its “long bipartisan history” in civic engagement.
In April, the SEC authorized JBS’s request to be listed on the New York Stock Exchange, and this decision was ratified by JBS shareholders with a narrow margin the subsequent month.
