Smithfield Foods' CEO says he hopes that everything the company has done to make working in its plants more attractive ever since COVID tore through the industry during the pandemic will help it weather the impact of President Donald Trump’s promised mass deportations.

Smithfield Foods Inc. and its owner are guiding prospective investors that its initial public offering is likely to price at $20 per share, below the marketed range, according to a person familiar with the matter.

Smithfield Foods ( SFD, Financials) launched its IPO on Tuesday, starting trading at $21.05 before falling to $20.18 by midday. On Wednesday, shares were priced at $19.29 as of 3:34:43 PM EST, reflecting a 3.5% drop from the previous close.

Smithfield Foods ( NASDAQ: SFD) opened for trading at $21.05 before settling back to $20.18 at 12:50 p.m. The early trading values the food processing giant at just over $8.0 billion.

Smithfield Foods ( SFD) began its roadshow on Tuesday for an underwritten initial public offering of 34,800,000 shares of its common stock. The initial public offering price is expected to be between $23.00 and $27.00 per share. The range values the Virginia-based company at $10.7 billion at the high point.

Smithfield Foods Inc. shares rose about 2% in the pork producer’s return to being a public company, after the stock priced below the range offered in its IPO.Most Read from BloombergTexas HOA Charged

Smithfield Foods Inc.’s initial public offering is seeking to raise as much as about $940 million, in what would be the biggest food company listing in the US in more than three years.Most Read from B