Keytone Dairy Corporation Ltd (ASX:KTD) will soon list on the ASX after successfully raising $15 million in funding through an initial public offering (IPO).
75 million shares priced at 20 cents have been issued representing a fully oversubscribed offer.
Keytone commenced production of its KeyDairy® products in 2014 and is a New Zealand manufacturer, packer and exporter of dairy and nutrition products.
It has a particular focus on powdered dairy products.
Majority of products exported
The majority of Keytone’s products are for export outside of New Zealand directly to foreign customers or indirectly through New Zealand customers.
The balance of its products are manufactured for the domestic New Zealand market.
Keytone owns a purpose-built packing and blending facility located in Christchurch, New Zealand.
This facility has a nominal maximum production capacity of about 1,500 tonnes per annum and is one of the few facilities dedicated to dairy and nutrition sachets and plastic jar products in the South Island of New Zealand, a fast-growing dairy region of New Zealand.
Multiple certifications
Keytone’s existing manufacturing facility has an RMP registered with the New Zealand MPI.
It also holds a foreign manufacturer registration from the CNCA, thereby enabling export of Keytone’s products to China.
In addition, the facility holds a Halal certification from the Federation of Islamic Associations of New Zealand, an accredited body recognised by Islamic countries worldwide.
Further, in February 2018, Keytone commenced the process to gain organic certification of its manufacturing facility from the New Zealand MPI.
The organic certification process is expected to be completed in the second quarter of 2018.