The Brazilian meat giant JBS had a notable moment when it started trading on the New York Stock Exchange. The company, which has been around for 72 years, saw its shares dip by 3. 9% on the first day. This event was a long time coming for JBS, which is now one of the biggest meat producers globally.

JBS is a major player in the U. S. meat industry. It employs over 72, 000 people in the country and brings in half of its yearly earnings from the U. S. market. The company is the top beef producer and the second-largest producer of poultry and pork in the United States.

The journey to this point wasn't smooth. JBS had to get approval from its minority shareholders last month. This approval came despite opposition from various groups. Environmental activists, some U. S. lawmakers, and others raised concerns about JBS's history of corruption, monopolistic practices, and environmental damage.

JBS argued that listing its shares in both Sao Paulo and New York would open up more investment opportunities. It also claimed that this move would help it secure better interest rates for financing its growth. Additionally, the company pointed out that a U. S. listing would mean more regulatory oversight. The U. S. Securities and Exchange Commission gave the green light to JBS's planned listing last month.

However, not everyone was on board with this idea. Mighty Earth, an environmental group, sent a letter to the NYSE board. The group accused JBS of profiting from deforested land in Brazil, which is illegal. Glass Lewis, a well-known investor advisory firm, also advised against the listing. The firm expressed concerns about the return of the Batista brothers to the JBS board. Joesley and Wesley Batista, sons of JBS's founder, were briefly jailed in Brazil in 2017 for bribery and corruption charges. Glass Lewis also objected to JBS's plan for dual share classes, which would give the Batistas more voting power.

Despite the pushback, JBS saw the shareholder vote as a vote of confidence. The company believes that the dual listing will bring significant benefits. However, the mixed reaction to JBS's debut on the NYSE raises important questions. How will the company address the concerns raised by environmental groups and investors? And how will it balance its growth ambitions with the need for responsible business practices?

JBS's Big Day on Wall Street: A Mixed Welcome

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