Dole Food Company Inc has announced that it has filed for registration with the US Securities and Exchange Commission to offer shares of its common stock publicly to raise up to $500 million (£306.8m) through an initial public offering.

The offered shares will include shares to be newly issued by Dole, as well as shares to be sold by the sole current stockholder of the company.

The number of shares to be offered, the allocation of shares to be sold as between Dole and its sole stockholder and the price range for the offering have not yet been determined.

Dole expects to use the net proceeds it receives from the offering to pay debts and the remaining net proceeds will be used for general corporate purposes. Dole will not receive any of the proceeds from the sale of shares by its sole stockholder and intends to apply to list the common stock on The New York Stock Exchange under the ticket symbol ‘DOLE’.

Goldman, Sachs & Co., BofA Merrill Lynch, Deutsche Bank Securities and Wells Fargo Securities will act as joint book running managers for the offering. The offering will be made by means of a prospectus.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective.

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