Irish-headquartered Dole Plc has slashed the marketed price range for its initial public offering in the United States, a move that reduced the fruit and vegetable grower's targeted valuation by more than $400m.
The newly-formed company is a result of a merger between Irish firm Total Produce and US-based Dole Foods, which has created the biggest fresh fruit and vegetable supplier in the world.
It is Dublin-headquartered but due to list in New York.
The tie-up will see Total Produce de-list from the Euronext Dublin and London Stock Exchange. It also led to the departure of Dole's 98-year-old billionaire owner David Murdock, who had been at the helm since the 1980s.
The US flotation had been targeting a price range of $20-23 per share, however today the company said it plans to price its shares between $16 and $17 a piece.
It would be valued at $1.7 billion at the top end of the new range.
Dole, however, increased the size of its offering to about 30.3 million shares, from 26 million shares.
The company plans to list on the New York Stock Exchange under the symbol 'DOLE'.
Goldman Sachs, Deutsche Bank Securities and Davy are the lead underwriters for the offering.
Shares in Total Produce closed 9.5% lower in Dublin following the reduction in the Dole Plc IPO valuation.