Synlait Milk has set a final price of $2.20 per ordinary share in its initial public offering, valuing it at about $322 million.
The figure is towards the bottom of the $2.05 to $2.65 indicative range for the offer, which opens on Wednesday.
The Canterbury dairy processor will list on the New Zealand stock market on 23 July.
The price was set after a bookbuild to institutional investors and NZX firms this week.
There will not be a public offer.
The float will raise $75 million in new capital to repay debt and fund Synlait's growth initiatives in infant formula and other products.
Existing shareholders will also sell 17.6 million shares worth $38.7 million.
The majority owner, China's Bright Dairy, is not selling shares but its stake will fall from 51% to about 39% as a result of the float.
Synlait Milk managing director and co founder John Penno says he's comfortable with the final price, which is about a third of the way up the indicative price range.
He says building a solid share register was more important to the company than the price.
Mr Penno would not give details of the share allocation but says there was a positive response from New Zealand and international institutions as well as New Zealand brokers.
First NZ Capital Securities and Goldman Sachs are handling the IPO.
