WH Group Ltd, the world's biggest pork producer, has raised the $2.1 billion it sought in a Hong Kong initial public offering, a person with direct knowledge of the deal said on Wednesday.

The IPO, which closed to the public on Tuesday, was the Chinese company's second attempt this year to raise funds after investors shunned an earlier offer that aimed to raise up to $5.3 billion due to high valuations.

WH Group, which counts private equity firm CDH Investments, Goldman Sachs and Singapore state investor Temasek Holdings among its shareholders, offered 2.57 billion new shares at a fixed price of HK$6.2 each.

The deal could grow by 385.1 million shares and total as much as $2.36 billion if underwriters exercise an option to meet additional demand for the IPO, according to the prospectus.

WH Group bought US firm Smithfield Foods for $4.9 billion in 2013.

The company did not respond to Reuters' e-mails seeking comment. The source declined to be named as the deal remained confidential.

But it was forced to pull the IPO in late April. In addition to high valuations sought, investors were also turned off by mismanaged marketing after a record 29 banks were hired for the offering and sky-high executive compensation that raised corporate governance concerns.

Reuters - Global Times