New Zealand-based Synlait Milk Ltd. which is majority owned by a unit of China’s Bright Food Group Co. plans to raise approximately US$93 million through an initial public offering (IPO) giving investors an opportunity to gain exposure in New Zealand’s dairy sector. Dairy accounts for approximately 25% of the country’s total annual exports. Synlait’s proposed July 23rd IPO follows the November listing of Fonterra Shareholders Fund which raised NZ$525 million with units in Fonterra Shareholders Fund rallying 30% since then. The IPO proceeds will be used to fund the company’s growth including a new lactoferrin (a key ingredient in baby formula) extraction and purification plant.