US multinational Dole Food Company saw stock fall on the group's first day of trading on the New York Stock Exchange (Friday 23 October), with shares closing at US$12.28, down 1.7 per cent from the opening price of US$12.50.
The California-based fresh produce giant saw an initial public offering of 35.7m shares raise US$446.4m, down on the initial figure of US$500m forecast when the announcement to go public was made in August this year.
Dole chairman David Murdock, who took the company private in a US$2.5bn deal six years ago, said in a statement that the pricing of transactions related to Dole common stock had hit US$750m, according to The Packer.
'To raise this much capital in these unusual economic times underscores the strength of Dole as the world's leading producer, marketer and distributor of fresh fruit and vegetables,' said Mr Murdock.
Money raised from the sale of stock is set to go towards paying off the company's debt and for other corporate matters, which could potentially include investment in new products, additional facilities or acquisitions.
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