A dairy farm investment fund hopes to raise $25 million through an initial public offering.
Pastoral Dairy Investments is offering 25 million shares at $1 each, with a minimum investment of $20,000.
Co-investors are expected then to invest another $50 million.
PDI plans to buy between seven and eight large dairy farms over the next 18 months, which will then be managed by MyFarm, which already manages 47 farms across New Zealand.
The investment group will be chaired by Malcolm Bailey, who chairs the Dairy Companies Association and is a director of Fonterra.
Mr Bailey says the fund will give 'mums and dads' and institutional investors the chance to invest in New Zealand dairy farms.
MyFarm director Andrew Watters says the fund will give New Zealanders the opportunity to invest in what the country does best.
Only 24.9% of the Pastoral Dairy Investments can be owned by foreigners, to meet Overseas Investment Office requirements.
The fund expects to list on the alternative Unlisted market, with shareholders then deciding if it will list on the NZX.
The offer closes on 20 April.