Street Talk

Dairy giant Fonterra’s consumer IPO could raise $1b to $2b: sources

Sarah Thompson, Kanika Sood and Emma Rapaport

Mar 12, 2025 – 5.49pm

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Fonterra’s bankers will next Tuesday present to Sydney fund managers as they spruik the ASX listing of Mainland Group, the consumer business of New Zealand co-operative Fonterra, in a float that could value the owner of Western Star butter and Mainland cheese at up to $4 billion.

According to emails sent to fund managers, Jarden, JPMorgan and Craigs Investment Partners have asked fundies to put aside 90 minutes next Tuesday afternoon to hear from Rene Dedoncker, who is slated to become the consumer business’s chief executive.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.