Synlait Milk's earliest investors will be able to sell off shares as the company confirms it is listing on the stock exchange.
The company is looking to raise $75 million of new money through a float which will also include a sell-down of shares, indicatively set at 45 million.
Synlait has an indicative price range of between $2.05 - $2.65 per share, which will give it a market capitalisation of $305 - $372 million.
It is the second attempt at listing for the company which has Bright Dairy, listed on the Shanghai stock exchange, as its cornerstone shareholder.
Bright Dairy will not sell any of its shares and will retain its current shareholding, but its percentage holding is expected to reduce from 51% to about 40% depending on the final price of the shares.
The money raised will go towards repaying debt and developing its Dunsandel site, which is now under construction and is expected to be able to produce 18 metric tonnes of Lactoferrin a year by 2018.
Lactoferrin, an important ingredient in some of Synlait's infant formula products, costs about $700,000 a metric tonne.
Synlait Milk's managing director John Penno said its infant formula business is a very important part of the business and the time was right for listing.