Castle & Cooke Homes Sells 5.4 Million Shares

Castle & Cooke Homes Inc. has completed its initial public offering with the sale of 5.4 million common shares for $15 a share.

CCH, which mainly builds houses in Bakersfield and in Hawaii, had been a wholly owned unit of Dole Food Co., the Westlake Village-based fruit and vegetable giant. CCH’s initial offering placed about 20% of its stock in public hands; Dole retains the balance.

The offering generated gross proceeds, before underwriting costs, of $81 million for CCH. The deal was managed by Merrill Lynch & Co. and Goldman, Sachs & Co.