The initial uptake of Silver Fern Farms new shares has been positive, the meat co-operative says.
The co-operative is replacing the existing shares, which are based on stock supply, with a new class of tradable share as part of its capital restructuring plan.
As well as swapping old shares on a one-for-one basis, farmers are able to buy additional new shares.
The co-op is hoping for a capital injection of up to $128 million to reduce its reliance on bank debt and provide funding for commercial initiatives.
Silver Fern's chief executive Keith Cooper says the offer was mailed to farmers about a fortnight ago and the responses so far have been very positive. The share offer closes on 18 September.