Dole goes public, but Wall Street doesn't go bananas

In Dole Food Co.'s (DOLE) initial public offering on the New York Stock Exchange today, shares came in below their forecast range. The fruit conglomerate raised $446 million, selling 35.7 million shares at $12.50, giving the company a value of $1.09 billion, but the an October 9 filing had anticipated an IPO ranging from $13 to $15.

Dole plans to use the proceeds to repay $451 million in debt, along with a $17 million prepayment penalty. Dole also priced $300 million of convertible securities at $12.50 each.