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Kraft IPO next week
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June 5, 2001: 7:11 p.m. ET
Biggest IPO this year, at $8.4 billion, set to price next Tuesday
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NEW YORK (CNNfn) - Kraft Foods Inc. is set to price its $8.4 billion initial public offering next Tuesday, underwriters on the deal said.
The IPO had tentatively been slated to price June 13 and trade on June 14. The offering will now begin trading next Wednesday, one day ahead of the original schedule, under the New York Stock Exchange symbol "KFT," underwriters said.
Kraft plans to offer 280 million shares at $27-to-$30 each via lead underwriters Credit Suisse First Boston and Salomon Smith Barney. Earlier this month, Kraft had filed to raise $8.7 billion, planning to sell 280 million shares at $26-to-$31.
At $8.4 billion, Kraft, whose products include Oscar Mayer hot dogs and Jell-O gelatin, is the largest IPO this year and the biggest since last year's $10.6 billion offering from AT&T Wireless.
Parent company Philip Morris will own 49.5 percent of the Class A stock and 100 percent of class B. Philip Morris will also hold 97.7 percent of combined voting power. Northfield, lll.-based Kraft plans to use part of the proceeds to pay off an $11 billion note to Philip Morris. 
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