Wayne Farms chickens out, postpones $250 million IPO

Wayne Farms, the sixth largest integrated producer and processor of broiler chickens in the US, postponed its IPO on Thursday. The company had planned to raise $250 million by offering 12.8 million shares at $18 to $21, which would have given it a $1.0 billion market cap and a $1.1 billion enterprise value at the midpoint.

The Oakwood, GA-based company was founded in 1965 and booked $2.2 billion in sales for the 12 months ended March 31, 2015. WNFM. Wayne Farms initially filed confidentially on n/a. Citi, J.P. Morgan and BMO Capital Markets were set to be the joint bookrunners on the deal.