A potential dairy farm investor may dust off plans to return to the investment market, after its initial public offering failed to gain enough traction with investors.
Pastoral Dairy Investments had hoped to raise $25 million through an initial public offering, with private institutions expected to invest another $50 million.
It had planned to buy up to nine dairy farms, mainly in the South Island, to be managed by MyFarm Asset Management.
But it shelved the plans on Friday, after failing to reach the $25 million target.
Pastoral Dairy Investments spokesperson Neil Craig says economic uncertainty and recent falls in dairy prices meant strong initial interest in the deal didn't translate into applications.
But Mr Craig says there's still belief in the concept and the company is working to attract a number of significant cornerstone shareholders to underpin the diversification that's required and potentially come back to the market.
He says it's hoped a decision will be made within the next six months, but it would be PDI board's decision as to whether the public are approached again.