CORRECTION: An initial version of this story misspelled Smithfield Foods Inc. in the headline. Smithfield Foods Inc. is offering Wall Street a seat at the table for potential growth in its packaged meats business as the bacon and lunch-meat maker set an estimated market capitalization of nearly $11 billion in its upcoming initial public offering.

Smithfield, owned by China’s WH Group, said it plans to sell 34.8 million shares valued between $23 and $27 per share. That could raise up to $939.6 million for the pork producer, which owns brands including Farmland bacon and Nathan’s Famous hot dogs.

Smithfield Foods is targeting a valuation of up to US$10.73bil in its New York flotation, the biggest US pork processor says, moving closer to its US stock market return after more than a decade.

A major employer in eastern North Carolina is targeting an initial public offering with a valuation approaching $11 billion. Farmers in the state are watching Smithfield Foods as the Virginia-based company continues to invest in pork production in North Carolina.

Smithfield Foods is seeking to raise as much as $940m in a public share offering, according to the US pork processor's IPO filing. In the document registered with the US Securities and Exchange Commission (SEC),