A special purpose funding vehicle linked to Australia's largest dairy company, Murray Goulburn, has had a positive debut on the Australian share market.
The MG Unit Trust opened at $2.18 per unit, eight cents above the issue price of $2.10.
It closed at $2.24, with 11.7 million units traded.
The trust's issue price of $2.10 was at the lower end of the indicative price range of $2.10 to $3.20 per unit.
Unitholders only have an economic interest in Murray Goulburn and do not have any voting rights.
Voting rights and operational control remains with the co-operative's dairy farmer shareholders.
Murray Goulburn has raised $500 million in new capital from non-farmer investors in the MG Unit Trust, and from an issue of more shares to supplier shareholders.
The unit trust contributed $438 million and the share issue to suppliers contributed $62 million.
MG managing director Gary Helou said Friday's successful listing was an historic day in Murray Goulburn's 65-year history.
"We now, importantly, have the capital to invest in key projects to deliver world-leading manufacturing and supply chain capabilities to better connect with domestic and international customers," he said.
Murray Goulburn plans to grow its business in Australia and overseas to achieve higher milk prices and returns for investors.
The co-operative is seeking to produce more higher-value-added premium dairy foods, moving away from volatile bulk commodity markets and prices.
Murray Goulburn has more than 2,500 farmer shareholders and received about 3.4 billion litres, or 37 per cent, of Australia's milk in 2013/14.
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