Dole Drops in Trading Debut After Shrunken $400 Million IPO
- Date: 31-Jul-2021
- Source: Yahoo News
- Sector:Financial Markets
- Country:Middle East
Dole Drops in Trading Debut After Shrunken $400 Million IPO
(Bloomberg) -- Dole Plc, the world’s largest produce company, fell 9.4% in its trading debut after delaying and downsizing its U.S. initial public offering to raise $400 million.
Share’s of Dublin-based Dole, which sold at the bottom of a lowered range for $16 in the IPO, opened trading Friday at $15 and closed at $14.50 in New York trading, giving the company a market value of $1.35 billion.
The firm’s return to the market for its third run as a public company was a bumpy one. Dole initially offered 26 million shares for $20 to $23 and planned to go public on Tuesday. It put off the share sale to Thursday, changing the terms to offer 30.3 million shares for $16 to $17. It ended up selling only 25 million shares.
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