New Zealand dairy ingredients and infant formula firm Synlait Milk has set a final price of NZ$2.20 (US$1.73) per share for its IPO.

Synlait Milk chairman Graeme Milne said the response from New Zealand and international institutions and domestic retail brokers had been “extremely positive”. Shares are set to start trading on 23 July.

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“We have had an excellent response to our recent roadshow and bookbuild process, and as a result the final price has been set at $2.20 per share. This is a strong market endorsement for the compelling fundamentals of the New Zealand dairy industry and in particular Synlait Milk’s growth initiatives to accelerate the development of our infant formula and nutritional products business.”

The IPO opens today and follows a two-day bookbuild process. At this final price, Synlait Milk will have a market capitalisation of around NZ$322m on completion.

Bright Dairy, the Chinese group, owns 51% of Synlait Milk and will continue to hold an investment in the business. However, the company will hold around 39.1% on completion of the offer.

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