Dole PLC stumbled out of the gate Friday, as the Ireland-based fruit and vegetable company’s stock opened 6.3% below the price of the downsized initial public offering, then slipped even further. The IPO had priced overnight at $16 a share, at the low end of the recently lowered expected range of between $16 and $17. The company raised $400 million, as it sold 25.0 million shares in the IPO, down from expectations of a 30.3 million share offering. The stock’s first trade was at $15.00 at 11:18 a.m. Eastern for 1.6 million shares. At that price, the company was valued at $1.48 billion. The stock was down 9.1% at $14.55 in recent trading. The stock’s downbeat debut occurred on a day that the Renaissance IPO ETF rose 0.1% while the S&P 500 slid 0.5%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
- U.K. headline CPI slips to 3.1% from 3.2%, core CPI down to 2.9% from 3.0% - October 20, 2021
- Nestle reports higher sales, boosts full-year organic sales growth outlook - October 20, 2021
- ASML Holding sees net profit beats forecasts, sees continued high demand - October 20, 2021