SNAP Fonterra units rocket up 22 percent in NZX debut

Thu, 29 Nov 2012

Nov. 30 (BusinessDesk) - Units in the Fonterra Shareholders' Fund jumped 21 percent on their debut as investors clamoured to get more exposure to the dairy cooperative's earnings after a $525 million initial public offer. The fund, which grants holders access to Fonterra's dividends but not voting rights, opened at $6.66, after the issue price was set at $5.50 after a bookbuild, the top end of the indicative range. It recently traded at $6.70, with some 3.9 million units changing hands in the first few minutes of trading. The units climbed...

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