Units in the new Fonterra Shareholders Fund have debuted at $6.66 per unit - a $1.16 premium to their $5.50 issue price.
The units do not confer a direct voting interest in Fonterra but their trajectory is expected to be based on the performance of the cooperative.
Interest in the units was such that brokers had to heavily scale back investor applications during the book-building phase of the offer.
The units form an integral part of Trading Among Farmers (TAF), which has two elements.
The Fonterra Shareholders Market, which will also start today, will allow farmers to trade Fonterra shares exclusively among themselves.