Home / Market News / Dole stock suffers downbeat debut, as it opens below IPO price and falls further

Dole stock suffers downbeat debut, as it opens below IPO price and falls further

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.

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