Fonterra said it had set its final price for units in the Fonterra Shareholders' Fund at $5.50 per unit - the top end of an indicative $4.60 to $5.50 range.
The price was decided after an institutional and broker bidding process, which finished today.
Fonterra chairman Sir Henry van der Heyden said in a statement the pricing was positive news for farmer shareholders.
Shares on the farmers-only Fonterra Shareholders' Market are expected to track the price of the Fonterra Shareholders' Fund when trading starts on the NZX on Friday.
Chief executive Theo Spierings said investors recognised there was some complexity in the structure of the Trading Among Farmers trading scheme, but that there was also acknowledgement of Fonterra's market position and growth strategy.