Dole plc, the newly created company formed for the combination of Total Produce and Dole Food Company, raised $400 million through an initial public offering last night.

The outcome was significantly lower than the $500 million that it had hoped to raise in the IPO.

That was based on an initial price range per share of $20 to $23 dollars.

However, it later cut that to a price range of $16 to $17 and raised the number of shares it intended to sell to reach its target.

Dole plc announced this morning that 25 million shares had been sold at the lower end of the price range as $16.

The shares are expected to begin trading on the New York Stock Exchange today and the offering is expected to close on August 3rd.