AdvancePierre Foods Holdings Inc., the parent company of frozen chicken entrée manufacturer and distributor Barber Foods that employs 300 at its Portland plant, is seeking to raise $492 million through an initial public offering.
The Portland Press Herald reports that the sale of 21,390,000 shares of common stock priced between $20 and $23 per share will be used to pay off a portion of a $1.3 billion loan.
The company will not receive any proceeds from the sale of shares of its common stock by the selling stockholders, according to a release from the company.
As part of the offering, AdvancePierre, which reported $1.6 billion in revenue in 2015, has applied to have its common stock listed on the New York Stock Exchange under the symbol “APFH,” according to a release.
