Dole Food Co. Inc. on Tuesday launched an initial public offering of more than 35.7 million shares of common stock, which is expected to price between $13 and $15 per share. That should raise roughly $500 million.

The Westlake Village fresh foods supplier plans to use the net proceeds to pay down debt. The company, controlled by billionaire David Murdock, brings in $7 billion in annual revenue but has nearly $2 billion in debt and a high-risk credit rating.

Dole said it has applied to list the stock on the New York Stock Exchange under the ticker symbol “DOLE”

Goldman, Sachs & Co., BofA Merrill Lynch, Deutsche Bank Securities and Wells Fargo Securities are joint book running managers for the offering, and have the option to purchase from Dole up to 5.35 million additional shares. That could raise up to an additional $80 million.