(Reuters) -Smithfield Foods is targeting a valuation of up to $10.73 billion in its U.S. initial public offering, the Farmland bacon maker said on Tuesday, moving closer to its much-anticipated stock market return in the country after more than a decade.

Hong Kong-based WH Group ( WHGRF ), the world's largest pork producer, is spinning off Smithfield into a listed company, as it looks to create a separate fundraising platform for its U.S. and Mexico businesses.

The U.S. IPO market is set for a historic week ahead as liquefied natural gas behemoth Venture Global looks to go public at a $110 billion valuation.

Smithfield and WH Group ( WHGRF ) are each offering 17.4 million shares, priced between $23 and $27 each, to raise up to $939.6 million in the IPO.

The proposed valuation target is roughly double Smithfield's net asset value of about $5.38 billion as of Sept. 30.

WH Group ( WHGRF ) said last year the IPO was expected to value the Virginia-based company at $5.38 billion or more.

Smithfield, whose rivals include Tyson Foods and Hormel Foods, was founded in 1936 in its namesake town by the Luter family as a small meat-packing company.

A series of acquisitions starting in the 1980s hoisted Smithfield as the largest U.S. pork producer.

The company produces packaged meats and pork products under brands, including John Morrell, Cook's and Gwaltney.

Smithfield, which carved out its European business last year, traded on the New York Stock Exchange from 1999 until 2013, when it was acquired by WH Group ( WHGRF ) for $4.7 billion - then the biggest Chinese takeover of a U.S. firm.

The company's customers include retail behemoth Walmart, fast-food giant McDonald's and food distributor Sysco.

WH Group ( WHGRF ) will maintain control of Smithfield after the offering. The company plans to use the IPO proceeds to beef up infrastructure, automation and capacity expansion.

Morgan Stanley, BofA Securities and Goldman Sachs are the lead underwriters.

Smithfield will list on the Nasdaq under the symbol "SFD."