Provena Foods announced that it will repurchase up to 70,000 of the 728,170 shares of common stock issued in its August, 1987, initial public offering. James Bolton, chairman and chief executive officer, said management believes that the company's stock is trading for less than its true value on the over-the-counter market. A repurchase at current depressed prices would be directed toward increasing the percentage ownership of continuing shareholders and increasing the company's earnings per share, he said. Purchases by the company of its stock would occur from time to time on the open market or through privately negotiated transactions or both, but no stock outstanding before the 1987 public offering would be purchased. The company commenced its initial public offering on Aug. 20, 1987, selling a total of 728,170 shares at an offering price of $7 per share, resulting in a total of 2.6 million shares outstanding. Recent over-the-counter prices have been about $3 bid. Provena, based in Santa Ana, is a specialty food processor serving the pizza and pasta industries.