AdvancePierre Foods (APFH) IPO Opens Up 12%

Today's IPO for AdvancePierre Foods (NYSE: APFH) opened for trading at $23.50 after pricing 18,600,000 shares at $21.

Barclays, Credit Suisse and Morgan Stanley are acting as joint book-running managers for the offering and as representatives of the underwriters. Goldman, Sachs & Co., BMO Capital Markets and Deutsche Bank Securities are also acting as joint book-running managers and BofA Merrill Lynch, Wells Fargo Securities and Houlihan Lokey are acting as co-managers, in each case, for the offering.

AdvancePierre Foods Holdings, Inc., headquartered in Cincinnati, Ohio, is a leading national producer and distributor of value-added, convenient, ready-to-eat sandwiches, sandwich components and other entrées and snacks to a wide variety of distribution outlets including foodservice, retail and convenience store providers. With revenues of $1.6 billion in 2015 and more than 4,000 employees, the Company offers a broad line of products across all day parts including: ready-to-eat sandwiches, such as breakfast sandwiches, peanut butter and jelly sandwiches and hamburgers; sandwich components, such as fully cooked hamburger and chicken patties, and Philly steaks; and other entrées and snacks, such as country-fried steak, stuffed entrées, chicken tenders and cinnamon dough bites. A fund managed by Oaktree Capital Management, L.P., a Los Angeles-based investment firm, is the majority shareholder of AdvancePierre Foods.

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