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Bloomberg
Dole Plc, the world’s largest produce company, fell 9.4% in its trading debut after delaying and downsizing its US initial public offering to raise $400 million.
Share’s of Dublin-based Dole, which sold at the bottom of a lowered range for $16 in the IPO, opened trading at $15 and closed at $14.50 in New York trading, giving the company a market value of $1.35 billion.
The firm’s return to the market for its third run as a public company was a bumpy one. Dole initially offered 26 million shares for $20 to $23 and planned to go public. It put off the share sale, changing the terms to offer 30.3 million shares for $16 to $17. It ended up selling only 25 million shares.
CEO Rory Byrne chalked up the twists and turns of the week partly to a surge of listings. He said the company’s objectives of the listing weren’t short term and, with a diverse business and the iconic Dole brand, it’s positioned well for growth and to attract investors.
“When we took on the IPO, we couldn’t anticipate there would be 23 this week,†he said in an interview. “The timing was what it was, the valuation is what it is.â€
Dole’s listing was the sixth-biggest of the week on US
exchanges, according to data compiled by Bloomberg. Robinhood Markets Inc, the biggest of those with a $2.1 billion offering, fell in its debut.