On the day the Dole Plc shares debuted, their value dropped by over 6%, giving the firm a valuation of just below US$1.4 billion. Dole Food and Total Produce formally merged to form the world’s largest fresh fruit and vegetable supplier. The new company Dole plc, with annual turnover of almost US$10 billion, completed its initial public offering on Friday 30 July.
There were slight concerns about the merger earlier in the week when the target price for its debut stock listing was lowered to maintain investor interest. Dole plc had initially aimed to raise between US$470 million and US$541 million by selling around 26 million shares.
The merger between the two companies follows Total Produce’s acquisition of a 45% stake in the US group in 2018.The new firm’s global headquarters is in Dublin, while its main office for the Americas is in Charlotte, North Carolina.