JBS, a prominent Brazilian meat processing company, officially launched its shares on the New York Stock Exchange (NYSE), marking a significant milestone in its corporate history. This highly anticipated debut took place on Friday, February 28, 2025, with shares initially trading at $13.65 each, leading to a market valuation of approximately $30 billion. This valuation surpassed that of Tyson Foods, which holds a market capitalization of about $19.82 billion.
The transition to the NYSE came a day later than originally planned due to operational requirements that JBS needed to address. Prior to its U.S. market entry, shares of JBS were removed from the São Paulo Stock Exchange as part of its dual-listing strategy. Investors welcomed the stock's performance, with shares closing the day slightly higher at $13.87.
Founded over 70 years ago, JBS has ascended to the position of the largest meatpacking corporation globally. The company reported impressive financial figures last year, including net revenues of $77.2 billion and a net income of $2 billion, as highlighted in their regulatory filings. With extensive operations spanning Brazil, the U.S., and Australia, JBS operates a diverse portfolio within the industry, and it also owns a significant majority stake in Pilgrim's Pride, a leading poultry firm in the United States.
The U.S. listing has been a long and winding journey for JBS. The company's U.S. division initially expressed intentions to go public in 2009, but plans were delayed following two postponements. In late 2016, JBS revived its IPO plans as part of a broader restructuring initiative, but faced obstacles when the Brazilian government began investigating various allegations of corruption involving the company and its executives.
In 2017, J&F Investimentos, which holds a controlling interest in JBS, agreed to a hefty $3.2 billion settlement over bribery allegations. This scandal involved senior figures within the company, including former chairman Joesley Batista and CEO Wesley Batista, who managed to evade prison sentences by cooperating with authorities. The Batistas later settled with the U.S. Securities and Exchange Commission (SEC) in 2020 for approximately $27 million.
Despite these challenges, the Batistas made a return to the board of J&F last year after being acquitted of insider trading allegations.
The company’s past has not fully faded from view, as it continues to face scrutiny from both lawmakers and regulatory bodies. Notably, JBS was fined by the Brazilian government in October for allegedly purchasing cattle raised on illegal land in the Amazon rainforest. Concerns surrounding JBS's history of corruption heightened skepticism among regulators on whether the company would secure approval for its listing.
The company's connections to political figures have also raised eyebrows. Following President Donald Trump’s reelection, Pilgrim’s Pride, a subsidiary of JBS, made headlines by contributing $5 million to his inauguration committee, becoming the largest donor. In response to this, the company stated its commitment to civic participation and expressed eagerness to collaborate with the new administration.
In April, the SEC formally approved JBS's application for its NYSE listing, paving the way for a shareholder vote that resulted in a narrow endorsement the following month. This support highlighted a renewed confidence in JBS's future, despite the controversies that have plagued its past.
As JBS embarks on this new chapter in the U.S. market, industry experts and investors will be closely monitoring its performance and any implications from its tumultuous history. The dual listing represents not just a financial opportunity, but also a platform for JBS to restore and build its reputation in the global meat processing industry.
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