Smithfield Foods was valued at $7.7 billion after its shares fell 3.2% on Tuesday, in a muted debut that might prompt other IPO candidates to tread cautiously.

Smithfield Foods ( SFD, Financials) launched its IPO on Tuesday, starting trading at $21.05 before falling to $20.18 by midday. On Wednesday, shares were priced at $19.29 as of 3:34:43 PM EST, reflecting a 3.5% drop from the previous close.

Smithfield Foods stock fell in its trading debut Tuesday after the pork giant priced shares below their marketed range.

Smithfield Foods, Inc., an American food company with a leading position in packaged meats and fresh pork products, debuted on the Nasdaq Global Select Market under the ticker symbol (NASDAQ:SFD). The initial public offering (IPO) opened at $21.