Fruit producer Dole targets US$2.1 billion valuation in US IPO

Fruit producer Dole targets US$2.1 billion valuation in US IPO
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BENGALURU (July 19): Dole plc said on Monday it planned to raise as much as US$598 million in an initial public offering (IPO) on the New York Stock Exchange, aiming a valuation of more than US$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 Co Inc, said it was looking to offer 26 million shares priced between US$20 and US$23 per share.

Dole filed paperwork earlier this month with regulators to return to the US 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".