Produce giant Dole Plc (DOLE stock symbol) shares fell in their New York Stock Exchange debut on July 30 after the fruit and vegetable distributor priced its downsized initial public offering at $16 per share.
At the close of trading on Aug. 2, the stock was priced at $15.28 per share.
Dole plc, a newly created company formed for the combination of Total Produce plc and Dole Food Company, Inc., had announced July 29 the pricing of its initial public offering of 25 million ordinary shares at a price of $16 per share. The ordinary shares were being offered by Dole plc for total gross proceeds of $400 million, before deducting underwriting discounts and commissions and offering expenses.
Of the shares sold, Reuters reported a little over 2.46 million shares were offered by the company’s existing investors.
According to the company, Dole Plc offers 300 products sourced from over 30 countries, sold and distributed in over 80 countries.
