Brazilian Meat Giant JBS Debuts $30B Shares on NYSE

Brazilian meat giant JBS made its long-anticipated U.S. public market debut on the New York Stock Exchange under the ticker "JBS," opening at $13.65 a share and valuing the company at roughly $30 billion, surpassing rival Tyson Foods. The dual listing in New York and Sao Paulo aims to give JBS broader access to investors and more competitive financing options, supporting its growth ambitions. JBS is the top beef producer in the U.S. and the second-largest poultry and pork producer, with half of its revenue generated in the American market and employing over 72,000 people there. Despite the listing, the company faces significant controversy due to its history of corruption and bribery scandals, including the recent reappointment of the Batista brothers, who previously served prison time for bribery, to the board of directors. Environmental groups and some investors have opposed the listing, citing concerns over JBS's environmental record and governance practices, including dual share classes that consolidate voting power among controlling shareholders. The U.S. Securities and Exchange Commission approved the listing, and the company views increased U.S. regulatory oversight as a positive step.