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Dole prices downsized IPO at $16, the low end of the downwardly revised range

July 30, 2021
DOLE

Dole, a leading global fruit and vegetable brand, raised $400 million by offering 25 million shares (100% primary) at $16, the low end of the downwardly revised range of $16 to $17. The company offered 5.3 million fewer shares than anticipated. It originally planned to offer 26 million shares (91% primary) at $20 to $23, before revising the terms on Wednesday.

Dole is a global leader in fresh fruits and vegetables, offering over 300 products grown and sourced both locally and globally from over 30 countries, which are distributed and marketed in over 80 countries. The company also states that it is one of the world's largest producers of fresh bananas and pineapples, a leader in Value Added Salads and Fresh Packed Vegetables in the US, and have a growing presence in categories such as berries, avocados, and organic produce. Dole's offering is being made in connection with its merger with Total Produce.

Dole plans to list on the NYSE under the symbol DOLE. Goldman Sachs, Deutsche Bank, Davy Group, BofA Securities, BMO Capital Markets, and Rabo Securities acted as joint bookrunners on the deal.