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Pinnacle Foods prices IPO at $20, at high end of the range
By: Renaissance Capital
Pinnacle Foods, which is a leading packaged and frozen foods company backed by Blackstone, raised $580 million by offering 29.0 million shares at $20, at the high end of the $18 to $20 range. The company intends to offer an initial quarterly dividend of $0.18 per share, or 3.6% at the IPO price. Pinnacle Foods will list on the NYSE under the symbol PF. Barclays, BofA Merrill Lynch, Credit Suisse, Goldman Sachs, Morgan Stanley and UBS acted as lead managers on the deal.