Update: Dole shares falter in IPO’s opening day

Get the latest news alerts: at Twitter.

Local Tech Wire

KANNAPOLIS, N.C. – Shares in billionaire David Murdock’s (NYSE: DOLE) faltered in their opening day of trading Friday.

After opening at $12.45 – 5 cents below the price Dole set before the shares went public – they did reach as high as $12.87 but dropped as low as $12.03.

Shares closed the day at $12.28.

Dole had expected to price the shares at between $13 and $15.

Some 35.7 million shares were sold, raising $446.4 million. Dole plans to use the proceeds to pay off debt.

Dole, which is based in Westlake Village, Calif., will use proceeds to pay off debt.

Murdock took the company private in 2003. He also is developing the in Kannapolis.