Smithfield Foods and its Chinese parent raised around $522 million from the U.S. pork giant's initial public offering after pricing shares below their marketed range.

Smithfield will not receive any proceeds from the sale of the shares by the selling shareholder. Acting joint lead book-running managers for the proposed offering include Morgan Stanley, BofA Securities and Goldman Sachs & Co.

Smithfield Foods, the largest pork processor in the U.S., said it priced its initial public offering well below its forecast range, raising $521.7 million for the company and the selling stockholder.