Dole, a leading global branded fruit and vegetable company, filed on Friday with the SEC to raise up to $100 million. However, this is likely a placeholder for a deal the company estimates will raise up to $600 million.
Dole previously filed for an IPO in 2017, but later withdrew the offering. Before that, Dole Food Company IPO'd in 2009 and then in 2013 Chairman and then-CEO David Murdock took the company private.
Dole is a global leader in fresh fruits (72% of FY20 revenue) and vegetables (28%), 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.
The Dublin, Ireland-based company was founded in 1851 and booked $9.1 billion in sales for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol DOLE. Dole filed confidentially on April 28, 2021. Goldman Sachs, Deutsche Bank, Davy Group, BofA Securities, BMO Capital Markets, Rabo Securities, and Stephens Inc. are the joint bookrunners on the deal. No pricing terms were disclosed.
