Chinese pork supplier WH Group Ltd. has raised US$2.5 billion through its initial public offering held in Hong Kong on Tuesday.

WH Group, which currently counts private equity firm CGH Investments, Goldman Sachs and Singaporean state investor Temesek Holdings as business partners, sold US$2.57 billion shares at a price of HK$6.2 each.

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The deal could reach 385.1 million shares to bring the total proceeds to as much as US$2.36 billion if underwriters exercise greenshoe option to meet the demand for the public offering, according to the data in the IPO prospectus.

The Chinese pork giant is raising funds to repay its US$4 billion loan used to acquire U.S. pork supplier Smithfield Food Inc. which was recorded as the biggest Chinese purchase of a U.S. company.

The IPO was WH Group's second attempt for 2014 to raise money after investors rejected a previous offer of US$5.3 billion.

In addition to the required high valuations, investors were also discouraged by the company's marketing management after the report that large amounts of executive compensation had raised internal corporate concerns.

For its second attempt on Tuesday, the company offered a deduction of up to 11.5 times, rather than the 15 times to 20.8 times range set in the previous deal in April.

The company had set the retail tranche to five percent but due to an increase of local retail investors, who were attracted to the new pricing, it raised the allotment to 10 percent.

Unlike its previous plan to hire 29 banks, the pork supplier hired only two banks as joint sponsors and global coordinators since the large number of banks on the previous deal had caused confusion and miscommunication with investors.

BOC International and Morgan Stanley banks stand to receive combined earnings of US$42 million. The earnings would be equivalent to a 1.5 percent commission and a 0.05 percent incentive fee.

TagsWH Group IPO in Hong Kong, WH Group the largest supplier of pork in the world, China's largest supplier of pork raised 2.57 billion dollar shares