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Stock price drops 9% on market debut on New York Stock Exchange

The New York Stock Exchange welcomes DOLE executives and guests on July 30, 2021 to celebrate its initial public offering. To celebrate this opportunity, Chief Operating Officer Johan Linden, CEO Total Produce North America CEO Shane Power, Corporate Finance Director, and NYSE Listings and Services Vice President Chris Taylor will ring The Opening Bell®.

NYSE

Share Doll It fell more than 9% on Friday as the company returned to the open market.

The shares opened at $ 15 per share, giving the company an implicit market value of approximately $ 1.5 billion. However, the opening trade was below the initial public offering price of $ 16. This was already at the bottom of the doll’s expected range. Stocks are traded on the New York Stock Exchange under the “DOLE” symbol.

The IPO has shown that the merger of Doll and Total Produce has been completed and has established the world’s largest fresh food company. The two companies announced a contract in February. The IPO has raised a total revenue of $ 400 million for the newly established company. I will spend money on mergers and debt repayments.

In 2020, the two companies reported total net sales of $ 8.97 billion and generated net profit attributable to shareholders of $ 80.1 million. Dole Food accounted for more than half of total revenue.

“The big advantage we have is the variety of procurement capabilities,” said Rory Byrne, CEO of Dole, who held the same position at TotalProduce before the merger.

Mr Byrne said the company does not expect any significant impact from the ongoing drought in California. As of March 31, it owns more than 109,000 acres of land worldwide.

Founded in 1851, Doll has two experiences before listing. Billionaire David Murdoch, now 98, closed the company for $ 1.3 billion in 2013. Five years later, Total Produce bought a 45% stake in Dole for $ 300 million.

While the IPO market is booming this year, Doll isn’t the only one receiving a frosty welcome from investors. Robin hood Debuted on the open market on Thursday, 8% or more closed.

Stock price drops 9% on market debut on New York Stock Exchange

Source link Stock price drops 9% on market debut on New York Stock Exchange

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