JBS, a Brazilian beef exporter, has announced that it will resume its plan to raise BRL4bn ($1.8bn) from the initial public offering (IPO) of its pork, poultry and food-processing operations in Brazil as early as next month.
Following this, JBS and banks are planning investor meetings in New York and other cities next week, reports Reuters citing an unknown source with direct knowledge of the deal.
So Paulo-based food processing company had put off the deal in June, after witnessing a major slump in confidence, which drove potential investors away from Brazil.
The transaction could be priced after the second half of October 2014.
"Timing will be crucial for the deal," the source added.
The unit, which will be spun off under the name of JBS Foods, accounted for nearly 10% of JBS's $40bn in revenue last year.
JBS aims to list the unit in the Sao Paulo Stock Exchange's Novo Mercado chapter, where corporate governance rules are the toughest and requires that a company list at least 25% of its shares.
JBS produces factory processed beef, chicken and pork, and also sells by-products from the processing of these meats
Last year, JBS acquired rival Marfrig SA's Seara pork and poultry operations for $2.7bn.
Image: JBS is a Brazilian beef exporter. Photo: Courtesy of freedigitalphotos.net/Suat Eman.a
