Dole’s downsized IPO prices at low end of expected range, valuing company at $1.6 billion

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Dole PLC
DOLE,

is set to go public Friday, as the Ireland-based fruit and vegetable company’s downsized initial public offering priced overnight at $16 a share, to value the company at about $1.57 billion. The pricing was at the low end of the expected range of between $16 and $17 a share, which was recently lowered from a previous expected range of between $20 and $23 a share. The company sold 25.0 million shares in the IPO, down from a previously expected 30.3 million shares, as the company raised $400 million. The stock is expected to begin trading on the NYSE some time after the open under the ticker symbol “DOLE.” The company is going public at a time that the Renaissance IPO ETF
IPO,
-0.82%
has gained 1.0% over the past three months while the S&P 500
SPX,
+0.42%
has tacked on 5.7%.

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