AdvancePierre, the parent company of Portland-based Barber Foods, raised nearly $219 million from its initial public offering, the company reported.

The company said it sold 11,090,000 shares of stock at $21 a share. The $218,916,600 is what the company received after deducting underwriting discounts and commissions.

As of late Friday morning, the stock was trading at $23.66 a share.

Cincinnati-based AdvancePierre said it planned to use the money to repay part of its debt.

AdvancePierre produces and distributes ready-to-eat sandwiches, entrees and snacks. It had revenues of $1.6 billion in 2015 and employs more than 4,000 people. Its majority shareholder is a fund managed by Oaktree Capital, an investment firm.

Barber Foods, which was founded in Portland in 1955, is best known for its stuffed chicken breasts.


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