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Dole shares closed down by 9% in market debut

By Shubhangi on Jul 31, 2021 | 02:31 AM IST

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Shares of Dole, which returned to public markets, closed down more than 9% on Friday. The company is trading on New York Stock Exchange under the symbol “DOLE.”

The stock opened at $15 per share which is below its initial public offering price of $16. The market value of the company stands roughly at $1.5 billion.

In February, Dole announced the merger with Total Produce to go public. The IPO for the new company, which is the world’s largest fresh produce company, raised $400 million in gross proceeds.

The two companies reported combined net sales of $8.97 billion last year which generated net income attributable to shareholders of $80.1 million.

“The big advantage that we have is a huge diversity of sourcing capability,” said Dole CEO Rory Byrne, reported CNBC.

Byrne also said that no impact is expected on the company from the ongoing drought in California.

Dole, which was founded in 1851, owns more than 109,000 acres of land globally, as of March 31.

Previously, Dole has twice been publicly traded. In 2013, Billionaire David Murdock took the company private for $1.3 billion and five years later, Total Produce bought a 45% stake in Dole for $300 million.

(With inputs from CNBC)

Picture Credits: CNBC

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