Keytone Dairy Corp Ltd ASX: KTD

James Gong, CEO and Bernard Kavanagh, Chairman discuss Keytone Dairy Corporation and the IPO (4:02 mins)

Fixed Priced IPOType of Offer
08 May 18Offer Open
22 Jun 18Pay By
Up to $15 millionSize of Offer
$2,000 Minimum Investment
Peloton CapitalLead Manager


The Keytone Dairy Group Ltd IPO has closed early via OnMarket.

Bids over $5,000 may be scaled back more heavily, and we cannot guarantee that all funded applications will be allocated. Duplicate bids under the same investment profile, investor name or residential address may be cancelled.


Keytone Enterprises (NZ) Company Ltd (“Keytone”) has been in operation since 2014 using its proprietary manufacturing facility in Christchurch, New Zealand and has commercialised whole and skim milk powder as well as other dairy powder blends under its proprietary brands.

Keytone is focused on providing high-margin, value-added products for export globally, including to China and other Asian countries, as well as domestic sales to discerning supermarket customers. It is seeking to capitalise on its manufacturing and exporting platform, including by expanding its production capacity and building additional manufacturing facilities.

Keytone had revenues of $1.57m and EBITDA of $538,554 for the financial year to 31 March 2017, and is forecasting revenue and profits of $1.95 million and $652,270, respectively, for the financial year to 31 March 2018.

Keytone’s proprietary products are carried in major traditional supermarket chains both in and outside of New Zealand, including Countdown (Woolworths), New World and PaknSave in New Zealand, Metro in China and Hals Kraft in Sweden. Keytone also distributes its products through online channels including, Tmall/Taobao-Alibaba and

Keytone also manufactures and packs a range of powdered dairy products for major supermarkets, retail chains and other customers under their private label brands across New Zealand and international markets.

Keytone holds coveted licenses including the China Certification and Accreditation Administration (CNCA) registration and Halal certification by the Federation of Islamic Associations of New Zealand and is registered with the New Zealand Ministry of Primary Industries, Risk Management Program.

As part of the IPO, Keytone Dairy Corporation Limited (pending ASX: KTD) will acquire 100% of Keytone Enterprises (NZ) Company Ltd and will manage and operate Keytone’s business.

Offer Overview

Keytone Dairy Corporation Limited is looking to raise up to $15 million via its IPO. 

The proceeds of the IPO will be used to:

  • expand its manufacturing base from its one existing facility (thus substantially expanding its production capacity);
  • substantially expand its product range;
  • expand its existing distribution network; and
  • develop distribution in additional geographic markets.

Industry in which Keytone Operates

Keytone operates in the dairy products segment of the fast-moving consumer goods industry. Keytone focuses on the global market for the powdered dairy industry and nutritional and nutraceutical ingredients industry, which are estimated to be worth at least US$21.4 billion (approximately $28.3 billion at the date of this Prospectus) and US$12.2 billion (approximately $16.1 billion), respectively.

Demand for dairy and nutrition products are growing rapidly in Keytone’s primary export markets, Asia and in particular China, driven by growth in China’s middle-class population and the ending of its one-child policy. China’s Ministry of Agriculture expects dairy imports to reach 15.88 million tonnes in 2020, a 43.1% increase over imports in 2015. 


Keytone owns three main brands, being KeyDairy®, KeyHealth® and FaceClear®, all of which are registered trademarks in New Zealand and are the subject of trademark applications in Australia. Additionally, KeyDairy® is registered in China and FaceClear® is registered in both China and the European Union.

  • KeyDairy® - powered milk powdered milk nutritional products, including whole milk powder, skim milk powder, colostrum milk powder, and kiwifruit milk powder.
  • FaceClear® - health supplement capsules, an award-winning health supplement for the treatment of acne. FaceClear® has won the Silver Award under the Best Natural Beauty Product in the Natural Products Expo Scandinavia.


Keytone’s business model is aimed at generating revenues from the sales of high margin, value-added products under its own brand, as well as from manufacturing and packing products for major supermarkets, retail chainsand other customers under the customers’ private label brands, with whom Keytone has existing relationships.

Keytone had revenues of $1,568,005 and EBITDA of $538,554 for the financial year to 31 March 2017, which represents substantial growth from its revenues of $66,259 and EBITDA of $(42,452) for the financial year to 31 March 2013. In addition, Keytone’s revenue and profit forecasts are $1,945,907 and $652,270, respectively, for the financial year to 31 March 2018.

Management and Board

The Keytone team comprises proven individuals with extensive experience in the global dairy industry and includes Bernard Kavanagh (Chairman) who has held executive positions including  Executive Director, CFO, GM - Corporate Development at Warrnambool Cheese and Butter Factory Co Ltd including during the periods leading up to ASX Listing and subsequent acquisition by Saputo Inc.,  and Peter Hobman (Non-Executive Director) who was formerly General Manager at Murray Goulburn Co-Op Dairy Co Ltd and MG Nutritionals. The Company is headed by Keytone’s Managing Director, CEO and founder James Gong, who was Head of Sales for Asia at Westland Co-operative Dairy Company prior to founding Keytone.


As set out in Section 7 of the Prospectus, Keytone Dairy Corporation Limited is subject to a range of risks, including but not limited to business strategy, regulatory risk, manufacturing and supply and competition.

The information contained herein is intended solely for persons within Australia and New Zealand. This communication is not for publication or distribution, directly or indirectly, in or into the United States of America, including its territories and possessions, any state of the United States of America and the District of Colombia (collectively, the “US”). This communication is not an offer of securities for sale into the US. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the US, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the US.


OnMarket has a limited allocation. The offer may close early and the 'Pay By' dates may change. Bids over $5,000 may be scaled back more heavily. Duplicate bids under the same investment profile, investor name or residential address may be cancelled.

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