New Zealand dairy company Synlait Milk plans to raise a total of NZ$ 120 million (HK$ 720.2 million) in an initial public offering and share sell-down, ending the majority stake held China’s Bright Dairy.

The milk powder processor owned by Shanghai-based Bright, Japan’s Mitsui and Synlait, a private local company, said it was seeking to raise NZ$ 75 million (HK$ 450.1 million) in fresh capital. Mitsui and Synlait Ltd will offer a further NZ$ 45 million (HK$ 270.1 million) to pay down debts and expand operations.