BUZZ-Smithfield Foods makes tepid debut after IPO size carved

Smithfield Foods SFD.O edges up in Nasdaq debut on Tues after IPO priced well shy of expectations

SFD opens at $21.05 vs $20 IPO price. Stock last trading at $20.08

Largest U.S. pork processor and its Hong Kong-listed parent WH Group 0288.HK each sold ~13.04 mln shares for total raise of ~$522 mln

They had intended to offer 34.8 mln shares, split equally, at $23-$27, for up to ~$940 mln raise

WH's chairman, Wan Long, agreed to buy up to $64 mln of IPO shares, which is being funded by a commercial loan, according to a late filing

WH, which bought co in 2013 for $4.7 bln and took it private, will still own more than 90% of SFD

Morgan Stanley, BofA, Goldman Sachs, Barclays and Citigroup are jt bookrunners for the IPO