Diamond Foods Plans IPO

Diamond Foods Inc., a subsidiary of agricultural cooperative Diamond Walnut Growers Inc., plans to go public in an initial offering of stock worth $75 million to $85 million, according to a regulatory filing Friday.

With the offering, Diamond Walnut Growers of Stockton will convert from a cooperative to a corporation known as Diamond Foods Inc.

The company, which markets and distributes nuts, plans to sell 5.33 million shares of its common stock at $14 to $16 a share, according to a Securities and Exchange Commission filing.

About 6.7 million shares will be distributed to members of Diamond Walnut Growers in the conversion.

Proceeds from the IPO will be used to pay down debt, to pay cash to members of Diamond Growers in connection with the conversion and for general corporate purposes.

Managers of the offering have received an option to sell up to an additional 800,000 shares to meet demand, the filing said.

The company plans to list its shares on Nasdaq under the symbol DMND.