National Beef Packing Co., the nation's fourth-largest beef processor, said Wednesday it expects the 17.3 million shares to be offered in an initial public offering to price between $15 and $17 each.
The company plans to list its shares on the New York Stock Exchange under the ticker "NBP" at a date to be announced.
The Kansas City company processes, packages and delivers fresh and frozen beef and beef byproducts to customers in the United States and international markets. It exports products to more than 30 countries.
Underwriters may buy up to an additional 2.6 million shares to cover any overallotments.
Merrill Lynch, Pierce, Fenner & Smith Inc., Credit Suisse Securities LLC, Barclays Capital Inc., BMO Capital Markets Corp., and Stephens Inc. are serving as underwriters.
Assuming shares price at $16 each, National Beef expects to receive proceeds of $255.7 million after deducting the estimated underwriting discount and other estimated offering expenses.
National Beef Packing recorded $4 billion in sales through the first three quarters of its fiscal year, down 5 percent from a year ago. Profit rose 85 percent.
Earlier this year, National Beef called off a proposed acquisition by Brazil-based beef producer JBS SA.