Dole Food Co. will sell company shares for the first time in six years on Oct. 23, according to Reuters.
According to an underwriter of the initial public offering, Reuters is reporting Dole will set the IPO price Oct. 22. The sale is expected to raise more than $500 million for the company.

In its recently amended filing with the Securities and Exchange Commission, Dole said it will offer more than 35 million common stock shares valued between $13 and $15.

According to the Oct. 9 SEC filing, Westlake Village, Calif.-based Dole estimates the IPO will raise between $468 million and $538 million to be used for debt payments, an increase from the company’s last estimate of $500 million in its initial August IPO filing.

According to the SEC filing, for the twelve months ending June 20, Dole reported revenues of $7.2 billion, with $92 million in net income. The company’s fresh vegetable segment reported $1.1 billion in revenue for the same period, with $5 billion reported for its fruit division.

In its filing, Dole said its position as the market leader in the fresh fruit and vegetable industry will allow it to “capitalize on future growth opportunities”

In 2003 David Murdock took Dole private in a $2.5 billion “going-private merger transaction,” according to the filing.

According to Reuters, Murdock will still own 59% of Dole’s stock after the IPO.

Underwriters of the sale, including Goldman Sachs & Co,  Bank of America Merrill Lynch,  Deutsche Bank Securities, and Wells Fargo Securities, all have options to purchase up to 5.3 million additional shares, according to the filing.

Dole said in its filing it will be listed on The New York Stock Exchange under the symbol "DOLE."

UPDATED: Dole stock offering could raise more than $500 million