Dole, a leading global branded fruit and vegetable company, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Dublin, Ireland-based company now plans to raise $500 million by offering 30.3 million shares (100% primary) at a price range of $16 to $17. The company had previously filed to offer 26 million shares (91% primary) at a range of $20 to $23. At the midpoint of the revised range, Dole will raise -11% less in proceeds than previously anticipated.
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, and Rabo Securities are the joint bookrunners on the deal.
