The parent company of a local producer of frozen stuffed chicken entrées hopes to raise $492 million through an initial public offering.

Cincinnati-based AdvancePierre Foods Holdings Inc., a national producer and distributor of sandwiches, sandwich components and other entrées and snacks, announced Wednesday that intends to sell 21,390,000 shares of common stock with a price is expected to be between $20 and $23 per share.

The money raised through the IPO would be used to pay off a portion of a $1.3 billion loan, according to a release from the company.

AdvancePierre employs about 300 people at its plant in Portland where frozen, stuffed chicken entrées are made and distributed under the Barber Foods label. The facility is one of 10 within AdvancePierre’s operation.

In 2015, production lines at the St. John Street facility were reconfigured to relaunch Barber stuffed entrées. The company claims it is No. 1 in the frozen stuffed entrée market, with 68 percent of market share.

According to its SEC filing, the company reported $1.6 billion in sales as of April.

AdvancePierre will not receive any of the proceeds from the sale of shares of its common stock by the selling stockholders, according to the SEC filing. At the conclusion of the IPO, Oaktree Capital Management, which is the company’s largest shareholder, will continue to own a majority if the company.

As part of the filing, AdvancePierre has applied to list its common stock on the New York Stock Exchange under the symbol “APFH.”

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