Shares of scandal-plagued Brazilian meat giant JBS open at $13.65 in U.S. public debut

Shares of Brazilian nutrient elephantine JBS made their U.S. nationalist marketplace debut connected Friday, opening astatine $13.65 a share.

The opening commercialized values the institution astatine astir $30 billion, outstripping rival Tyson Foods' marketplace headdress of astir $19.82 billion.

JBS is present trading connected the New York Stock Exchange nether the ticker "JBS," a time aboriginal than initially expected. The institution said it couldn't reason definite operational procedures successful clip to debut connected Thursday. Its banal was delisted from the Sao Paolo Exchange successful Brazil a week agone arsenic portion of the dual-listing plan.

Since its founding much than 7 decades ago, JBS has grown to go the world's largest meatpacking company. Last year, the institution reported nett gross of $77.2 cardinal and nett income of $2 billion, according to regulatory filings.

JBS operates a sprawling concern worldwide, with important divisions successful Brazil, the U.S. and Australia. The institution besides owns much than 80% of Pilgrim's Pride, the U.S. poultry giant.

JBS's U.S. listing is much than 15 years successful the making. The company's U.S. subsidiary archetypal announced plans to spell nationalist successful 2009, but the determination never came to fruition aft 2 postponements. Then, successful precocious 2016, the institution said it would person a U.S. archetypal nationalist offering arsenic portion of a broader reorganization strategy. But months later, the Brazilian authorities began investigating corruption successful the meatpacking institution — including among JBS and its apical executives.

J&F Investimentos, the holding institution that owns a controlling involvement successful JBS, paid a $3.2 cardinal fine successful 2017 to settee bribery charges. Former seat Joesley Batista and his older member CEO Wesley Batista, the company's apical shareholders and the sons of its founder, managed to debar situation sentences by cooperating with prosecutors. The Batistas and J&F settled with the U.S. Securities and Exchange Commission successful 2020 for astir $27 million.

The Batistas exited J&F successful the aftermath of the scandal. However, they returned to the company's committee past twelvemonth aft being acquitted of insider trading charges.

More recently, successful October, the Brazilian authorities fined JBS for buying cattle that were allegedly illegally raised successful protected onshore successful the Amazon.

The company's past of corruption and bribery allegations led to opposition to its U.S. listing from lawmakers connected the some sides of the aisle, making it look improbable that regulators would assistance their approval.

After President Donald Trump's reelection, JBS's subsidiary Pilgrim's Pride donated $5 million to his inaugration committee, making it the azygous largest donor. In a connection to CNBC astatine the time, the institution said it had a "long bipartisan past participating successful the civic process" and looked guardant to moving with the caller administration.

The SEC approved JBS's petition to database connected the New York Stock Exchange successful April. JBS shareholders approved the determination by a constrictive borderline the pursuing month.