This completes Synlait Milk’s successful Initial Public Offering (IPO), with gross proceeds of $114m received from new shareholders at $2.20 per share.
Synlait Milk will have approximately 146 million shares and a market capitalisation immediately prior to the start of trading of approximately $322m.
Synlait Milk chairman Graeme Milne says the IPO has been an outstanding success: “Synlait Milk has raised $75m of new capital, which will be applied to pay down debt and access funding for growth initiatives that will increase the capacity of the existing plant by 50%, and lift production of high value ingredients and infant formula.”
Source: Synlait Milk Limited
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