SHARES in JBS, the world’s largest animal protein producer, surged strongly during their historic first day’s trading on the New York Stock Exchange overnight (Australian time).

Now traded under a dual-listing in both Brazil and the US, JBS shares opened their first day on the NYSE yesterday at US$13.65, rising as high as US$14.58 before closing at $13.87. The shares are listed in the NY bourse under the code JBS ADR, and ticker symbol JBS, while also dual-listed with Brazil’s B3 exchange in Sao Paulo.

Last Thursday JBS advised shareholders it would delay its launch on the NYSE by 24 hours until Friday, due to “non-conclusion of certain required operational procedures.”

JBS, which has a massive footprint in beef, pork and chicken processing in South America, North America and Australia, had 2024 revenue of US$77.18 billion and net income of US$1.96 billion.

The company’s minority shareholders last month voted to approve the plan to list its shares both in Sao Paulo and New York. JBS said a dual listing would give it broader access to investors and more competitive interest rates, which would help it finance growth. It has also said a US listing would subject it to more oversight from regulators.

The US Securities and Exchange Commission approved JBS’s planned listing in May, after two years of development.

US financial media focussed heavily on resistance to the listing over corruption charges against senior JBS personnel and pushback from environmentalists over the company’s actions in Brazil over deforestation.

The Wall Street Journal said JBS was “riding recent strong earnings results and American consumers’ fixation on protein.”

Both American meat producers and environmentalists had opposed JBS’ attempts to list in the US “because of concerns about corruption settlements, accusations of Amazon deforestation and its growing market share in the United States,” The New York Times reported.

Trading in New York has been a long-held goal for JBS, which was founded 72 years ago and is now the world’s largest meat company. Half of the company’s annual revenue comes from its US operations, where it has more than 72,000 employees processing beef, pork and chicken. The company is the largest beef producer and second largest poultry and pork producer in North America.

“Joining the NYSE is a source of great pride for all of us at JBS,” global chief executive officer Gilberto Tomazoni said.

“It recognizes our successful track record, built on resilience, determination, and a commitment to the future, as well as our entrepreneurial journey. This step strengthens our access to global capital markets and enhances our ability to deliver long-term value to shareholders, team members, and the communities we serve.”

JBS chief financial officer Guilherme Cavalcanti said the company’s presence on the NYSE was a strategic move to optimise its capital structure and broaden the investor base.

“We are entering this new chapter with robust financial management and a clear strategy for sustainable and profitable growth,” he said.

JBS is presently valued at about US$16 billion, compared with US$19.8 billion market capitalisation for Tyson Foods.