Dole files IPO paperwork with U.S. SEC
Dole has filed paperwork with regulators for a U.S. initial public offering, according to an update from Ireland-based Total Produce, with which the company is merging.
Total Produce in February announced that it had entered into an agreement to combine with Dole Food Company, Inc. under Dole plc, which will be a newly created company to become publicly listed in the U.S.
"Per the agreement, Dole plc’s completion of an initial public offering and public listing is a condition for completion of the Transaction, and Dole plc has made a filing with the U.S. Securities and Exchange Commission with respect to this process," Total Produce said.
"At completion of the Transaction, shares of Total Produce will cease to be listed on the Euronext Growth Dublin and the London Stock Exchange."
Dole did not reveal the number of shares it plans to offer or its target price range in its filing, according to Reuters. The company expects its shares to trade on the New York Stock Exchange under the trade symbol “DOLE”.
Goldman Sachs, Deutsche Bank Securities and Davy are the lead underwriters for the offering.
Total Produce added that trading for the first quarter ended March 31, 2021 has been strong. Revenue, Adjusted EBITDA and Adjusted earnings per share are ahead of the comparable quarter in 2020, it said.
Total Produce continues to target full-year adjusted earnings in line with market expectations.
The Group’s strong presence in the global fresh produce industry, the diversity of its operations and products together with the exceptional response from all of its people, continues to enable Total Produce to meet the ongoing Covid-19 challenges.