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Dole Food's 94-year-old CEO plans to re-list company
April 25, 2017 / 2:16 PM / 7 months ago

Dole Food's 94-year-old CEO plans to re-list company

April 25 (Reuters) - Vegetable and fruit producer Dole Food Co Inc, led by 94-year old David Murdock, plans to go public again.

Dole, which filed on Tuesday for an initial public offering, was taken private by Murdock in November 2013 in a deal valued at $1.2 billion.

Since then, the company has undertaken significant cost savings measures, divested non-core assets and improved its supply chain.

Dole said in its IPO filing it posted net revenue of $4.5 billion for 2016. The company, however, is not yet profitable.

Dole filed for an IPO of up to $100 million of its common stock. The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

Net proceeds from the offering will be used to pay down debt and for general corporate expenses, Dole said.

Morgan Stanley, BofA Merrill Lynch and Deutsche Bank securities are among underwriters for the offering. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Saumyadeb Chakrabarty)

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