JBS Makes Historic Debut on the New York Stock Exchange
Shares in JBS, the world’s largest animal protein producer, experienced a strong surge during their historic first day of trading on the New York Stock Exchange (NYSE) on Friday.
Traded under a dual-listing in both Brazil and the US, JBS shares opened at US$13.65, peaked at US$14.58, and closed the day at US$13.87. The shares are listed on the NYSE under the code JBS ADR, while also listed on Brazil’s B3 exchange in São Paulo.
The launch was delayed for 24 hours due to the non-conclusion of certain operational procedures, as announced by JBS the previous Thursday.
JBS, known for its significant footprint in beef, pork, and chicken processing across South America, North America, and Australia, reported a revenue of US$77.18 billion and a net income of US$1.96 billion for 2024.
Last month, minority shareholders approved the plan for JBS to list its shares in both São Paulo and New York. Executives stated that a dual listing would provide broader access to investors and potentially more competitive interest rates to support growth. They also noted that a US listing would subject the company to stricter regulatory oversight.
The US Securities and Exchange Commission approved JBS’s planned listing back in May, following a two-year development period.
Despite the strong debut, US financial media highlighted concerns over corruption charges involving senior personnel and environmentalists’ opposition regarding deforestation in Brazil.
The Wall Street Journal noted that JBS was capitalizing on recent strong earnings and the increasing American consumer demand for protein.
Both American meat producers and environmental groups expressed their opposition to JBS’s listing in the US due to concerns about corruption settlements and its expanding market share in the United States, as reported by The New York Times.
Founded 72 years ago, trading in New York has been a longstanding goal for JBS. Currently, about half of the company’s annual revenue is generated from its US operations, where it employs over 72,000 people in the processing of beef, pork, and chicken. JBS stands as the largest beef producer and the second largest poultry and pork producer in North America.
“Joining the NYSE is a source of great pride for all of us at JBS,” said Gilberto Tomazoni, global CEO of the company. He added that this achievement recognizes JBS’s successful track record and commitment to future growth.
CFO Guilherme Cavalcanti emphasized that the company’s presence on the NYSE is a strategic move aimed at optimizing capital structure and broadening its investor base. He stated, “We are entering this new chapter with robust financial management and a clear strategy for sustainable and profitable growth.”
JBS is currently valued at approximately US$16 billion, compared to Tyson Foods’ market capitalization of US$19.8 billion.
