Dole, a leading global branded fruit and vegetable company, announced terms for its IPO on Monday.
The Dublin, Ireland-based company plans to raise $559 million by offering 26 million shares (9% secondary) at a price range of $20 to $23. At the midpoint of the proposed range, Dole would command a fully diluted market value of $2.0 billion.
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 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. Goldman Sachs, Deutsche Bank, Davy Group, BofA Securities, BMO Capital Markets, Rabo Securities, and Stephens Inc. are the joint bookrunners on the deal. It is expected to price during the week of July 26, 2021.
