Food group Dole to offer shares at $20-23 in IPO

Food group Dole has said its shares will be offered for sale at a guide price of between $20 and $23 per share when it floats on the New York Stock Exchange in the near future.

The European Commission last month cleared the way for the completion of a planned merger between Total Produce and Dole Foods, in a deal to create the world's largest fresh fruit and vegetable supply business.

The new company, operating under the Dole brand, is to list in the United States after making a filing with the US Securities and Exchange Commission (SEC). It will cease trading in Dublin and London.

Dole hopes to raise between $500 million (€422 million) and $700 million by way of the IPO. It will list its ordinary shares on the New York Stock Exchange under the ticker symbol “DOLE”.

Pepsi reports fastest sales growth in decade

---

Why your cup of coffee could be about to jump in price

---

Dublin restaurateur fails in unfair dismissal action

---

Strong performance from Glanbia as it shakes off Covid effect

---

Dole said on Monday it had launched the roadshow for its IPO of 26 million ordinary shares with the SEC.

The offering consists of 23,539,067 ordinary shares offered by Dole and 2,460,933 ordinary shares to be sold by affiliates of Castle & Cooke. Dole will not receive any proceeds from the sale of the shares by the Castle & Cooke shareholders.

The underwriters will have a 30-day option to purchase an additional 3.9 million ordinary shares from Dole and the Castle & Cooke shareholders at the IPO price, less underwriting discounts, and commissions.

Goldman Sachs, Deutsche Bank Securities, and Davy will act as lead book-running managers for the proposed offering.

The combined company will be incorporated in Ireland, with its global headquarters in Dublin.

Dole will be one of the world’s largest producers of fresh bananas and pineapples, and one of the leaders in value added salads and fresh packed vegetables in the United States. It will also have a growing presence in categories such as berries, avocados, and organic produce.