Dole Food Co. has priced its initial public offering of 35.7m shares at US$12.50 per share.

This represents 41% of the capital stock outstanding, with David Murdock continuing to hold the controlling stake in the US food group.

The shares will begin trading today (23 October) on the New York Stock Exchange and the offering is expected to close next week (28 October).

The company will use the net proceeds from the offering to pay down debts, deleveraging tits balance sheet.

Goldman Sachs, BofA Merrill Lynch, Deutsche Bank Securities and Wells Fargo Securities are acting as joint book running managers for the offering.