Brazil's JBS plans to raise BRL3bn ($1.36bn) through initial public offering (IPO) of its poultry and processed food division.
The company has appointed five investment banks, including Banco Itaú BBA, Banco Santander, BTG Pactual and JP Morgan to manage the IPO, reported Exame magazine citing sources familiar with the matter.
Timing of the IPO will depend on market conditions, the sources said.
The Brazilian firm plans to use the proceeds to pay down debt and make investments, reported The Wall Street Journal.
JBS Foods was formed after JBS acquired Seara Brasil from Marfrig Alimentos for BRL5.85bn last year.
According to sources, the unit is expected to generate revenues of around BRL12bn, which is more than a tenth of JBS's revenues of BRL93bn in 2013.
JBS had net debt of BRL23.75bn at 2013-end and BRL22.4bn at the end of the third quarter.
