:Smithfield Foods is targeting a valuation of up to $10.73 billion in its U.S. initial public offering, the Farmland bacon maker said on Tuesday, moving closer to its much-anticipated stock market return in the country after more than a decade.

Hong Kong-based WH Group, the world's largest pork producer, is spinning off Smithfield into a listed company, as it looks to create a separate fundraising platform for its U.S. and Mexico businesses.

The U.S. IPO market is set for a historic week as LNG behemoth Venture Global looks to go public at a $110 billion valuation.

Smithfield and WH Group are each offering 17.4 million shares, priced between $23 and $27 each, to raise up to $939.6 million.

The IPO would be the largest by a food company in the U.S. since Oatly Group AB's $1.6 billion listing in 2021, according to data compiled by LSEG.

The valuation target is roughly double Smithfield's $5.38 billion net asset value as of Sept. 30.

Smithfield was founded in 1936 in its namesake town by the Luter family as a small meat-packing company. A series of acquisitions starting in the 1980s hoisted it as the largest U.S. pork producer.

The company produces packaged meats and pork products under the brands such as John Morrell, Cook's and Gwaltney, and competes with Tyson Foods and Hormel Foods, among others.

Smithfield, which carved out its European business last year, traded on the New York Stock Exchange from 1999 until 2013, when it was acquired by WH Group for $4.7 billion — then the biggest Chinese takeover of a U.S. firm.

Its customers include retailer Walmart and fast-food giant McDonald's.

WH Group will maintain control of Smithfield after the offering. The company plans to use the IPO proceeds to beef up infrastructure, automation and capacity expansion.

Morgan Stanley, BofA Securities and Goldman Sachs are the lead underwriters.

Smithfield will list on the Nasdaq under the symbol "SFD."