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Dairy abandons IPO plan

This article was originally published in Foodnews

NEW Zealand dairy, Synlait Milk, has abandoned its floatation plans after failing to raise enough interest from investors. Canterbury-based Synlait was looking for NZ$150 million (US$109 million) from a mix of new and existing ordinary shares. Most of the money raised was intended to be used to build a second milk processing plant on Synlait Milk's existing site at Dunsandel, doubling its capacity to process raw milk into a variety of powders for export. Synlait says it remains committed to its plans and will continue to consider a future IPO. The company is already close to its maximum processing capacity and the new capital was needed for a second dryer, to manufacture a new range of products.

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