Synlait Milk jumps 19 percent in NZX debut after raising $75M without general public offer

Mon, 22 Jul 2013

July 23 (BusinessDesk) – Synlait Milk jumped 19 percent in its NZX debut after raising $75 million in an initial public offering that was restricted to clients of brokers and institutional investors. The shares first traded at $2.62 compared with the IPO price of $2.20. They were last at $2.75, valuing the company at $402 million. Synlait Milk will use the $75 million raised to repay debt and help fund construction of a new lactoferrin extraction and purification facility, an on-site blending and consumer packaging plant, a new dry store, a...

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