Synlait Milk has engaged Minter Ellison Rudd Watts to advise on its initial public offering as it looks to follow in Kathmandu’s footsteps and list on the NZX by the end of the year.
Specialist clothing retailer Kathmandu was the first New Zealand company to list on the NZX in nearly two years and the success of the deal seems to have emboldened other companies to go public. Synlait plans to raise up to NZ$150m with most of the money raised being used to build a second milk processing plant on its existing site at Dunsandel, Canterbury, which would double its capacity to process raw milk into powders for export. First NZ Capital Ltd has been appointed lead manager for the offer.
New Zealand biotech firm BioViterria is also planning a smaller (NZ$20m) public listing and has enlisted the legal advice of Anderson Lloyd in Christchurch to advise on the upcoming deal.
Update: In a statement to the New Zealand stock exchange, Synlait Milk said a "lack of investor support" meant that it would abandon the plans for a public listing. "Synlait received strong support for the IPO from local institutional investors and the lead manager but the overall level of support was insufficient to proceed at this time," it said.
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