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WESTLAKE VILLAGE — Privately held Dole Food Co., one of the world's largest producers of fresh fruit and vegetables, said Friday that it is hoping to raise up to $500 million through an initial public offering of its common shares.
Dole filed a registration statement with the Securities and Exchange Commission for the proposed offering, and said it will be comprised of newly issued shares as well as shares to be sold by its lone shareholder. Dole plans to apply to list the shares on the New York Stock Exchange under a "DOLE" ticker.
The company plans to use the offering's proceeds to pay off some debt, with any remaining funds used for general corporate purposes.
The offering has yet to be priced and the number of shares to be offered by Dole and its sole shareholder is still undetermined.
Dole has been selling assets to pay down debt. Earlier this month, Dole said it plans to sell certain operating properties in Latin America for about $68 million to help pay down debt. The deal is expected to close in its fiscal third quarter. Dole said cash flow generated from operations jumped sharply in the second quarter ended June 20, to $170 million compared with $60 million the same period a year ago.
Dole had 2008 revenue of $7.6 billion.
