Shares in US fruit and vegetable group Dole Foods dipped in morning trade today (23 October) after the company launched an initial public offering of 35.2m shares.

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Shares were sold privately at US$12.50 each, below the expected $13-15 range. However, the shares, which began trading on the New York Stock Exchange, dipped further to $12.17 at 12.23pm (ET).


The company, which said proceeds from the IPO would be used to pay down debt.


However, there continues to be concern among investors that the company has a highly leveraged balance sheet.

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