Limoneira Co. could gross about $33.3 million from a public offering of 1.8 million shares expected to close Feb. 20.
“We’re raising money to grow the business,” said Joseph Rumley, chief financial officer at Santa Paula, Calif.-based Limoneira. Possible uses for the proceeds include repayment of debt, real estate development and agricultural acquisitions.
No changes to fresh fruit operations are planned, Rumley said.
Limoneira was already a public company. The grower-shipper produces lemons, avocados, oranges, specialty citrus and other crops.
Share price is $18.50.
Information on the offering is available from Janney Montgomery Scott LLC by e-mail at email@example.com. It’s the lead manager for the offering and Roth Capital Partners LLC is co-lead. Feltl and Co. Inc. is co-manager.
Limoneira also gave the underwriters a 30-day option to buy an added 270,000 shares of common stock to cover any over allotments.