Dole shares fall following IPO

October 23, 2009 8:59:05 AM PDT
Shares of Dole Food are declining after the fruit and vegetable producer's initial public offering priced below what it had previously expected. The stock, which trades on the New York Stock Exchange under the ticker "DOLE," declined 33 cents, or 2.6 percent, to $12.19.

The company priced its IPO of 35.7 million shares at $12.50, raising $446.4 million.

Dole originally expected its stock offering to price between $13 and $15 per share.

Dole, which is based in Westlake Village, Calif., will use proceeds to pay off debt.

The company is controlled by David H. Murdock. It was most recently publicly traded in 2003.

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