Shares in Canterbury-based milk processor Synlait Milk have debuted on the NZX today at $2.61 -a 18.6 per cent premium to their $2.20 issue price.
After the initial public offer (IPO) early this month, the final issue price was set at $2.20 - near the bottom end of an $2.05 to $2.65 indicative range.
At noon the shares were changing hands at $2.67 each, up 47 cents, a 21 per cent jump.
Holland's Royal FrieslandCampina has a 7.5 per cent of Synlait Milk after a surprise swoop on the IPO process early this month.
Rakaia-based Synlait Milk successfully raised $75 million in new capital from the IPO, which it said would it would use to repay debt and help fund construction of a new lactoferrin extraction and purification facility, an on-site blending and consumer packaging plant, a new dry store, a quality testing laboratory, a butter plant, and a new spray dryer.