25 Jul 2013

Synlait Milk says it will stick to its core business

9:34 am on 25 July 2013

The head of Synlait Milk says the company will stick to its core business of supplying to leading brands after its promising debut on the New Zealand sharemarket.

The shares were issued at $2.20 but on Tuesday rose as high as $2.80 before ending their first day at $2.74.

The Canterbury company has raised $75 million of new capital through the initial public offering which will be used to pay down debt and fund new initiatives.

Synlait managing director and founder John Penno says the company is intent on developing branding partners rather than moving into the branding business itself.

He says the firm wants to build long term partnership with people with the best brands.