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Fruit producer Dole targets $2.1 bln valuation in U.S. IPO

07/19/2021 | 07:13am EDT

July 19 (Reuters) - Dole Plc said on Monday it planned to raise as much as $598 million in an initial public offering on the New York Stock Exchange, aiming a valuation of more than $2.1 billion for the fruit and vegetable grower.

The company, formed earlier this year by the merger of Total Produce PLC and Dole Food Company Inc, said it was looking to offer 26 million shares priced between $20 and $23 per share.

Dole filed paperwork earlier this month with regulators to return to the U.S. stock market as part of a deal that saw the 98-year-old billionaire owner David Murdock finally give up the reins of the company.

Murdock, who built what was originally a Hawaiian pineapple growing business into one of the world's biggest fresh food producers and distributors, stepped down from the board earlier this year as part of the merger with Total Produce.

Dole plans to list under the ticker symbol "DOLE".

(Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
HAWAIIAN HOLDINGS, INC. 1.66% 22.03 Delayed Quote.24.46%
TOTAL PRODUCE PLC -9.81% 1.894 End-of-day quote.38.05%
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