Dole plc BB #:124463 revised the terms of its initial public offering, lowering the expected price of shares to $16 to $17 each, which will lower the valuation an estimated $400 million.
The company also increased the number of shares it plans to offer to 30.3 million, according to media reports.
This lowers the Dublin, Ireland-based company’s expected IPO valuation to $1.7 billion, instead of the original estimate of $2.3 billion.
Dole plc was formed from the merger of Total Produce plc and Dole Food Company Inc. earlier this year. Following the IPO, the company plans to list on the New York Stock Exchange under the symbol DOLE.