NZ’s Synlait Milk to raise NZ$120m in IPO, share sell-down

New Zealand dairy company Synlait Milk plans to raise a total of NZ$120 million (HK$720.2 million) in an initial public offering and share sell-down, ending the majority stake held China’s Bright Dairy.

The milk powder processor owned by Shanghai-based Bright, Japan’s Mitsui and Synlait, a private local company, said it was seeking to raise NZ$75 million (HK$450.1 million) in fresh capital. Mitsui and Synlait Ltd will offer a further NZ$45 million (HK$270.1 million) to pay down debts and expand operations.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1267857/nzs-synlait-milk-raise-nz120m-ipo-share-sell-down