Biggest shareholder Chinese group Bright Dairy invested another $38.2m to retain a 39.12% holding.
In the last part of the capital-raising, 3.2m new shares not taken up by existing shareholders were issued to new retail investors at $3.15 a share. Existing shareholders had paid $3 to take up share entitlements.
The company also expected to have its shares trading on the Australian Securities Exchange by the end of the year.
Over the next three years, Synlait planned to build a new dryer, the fourth on the site, costing about $130m.
The first project for this year was a second wet-mix kitchen for mixing dry ingredients into milk for infant formula.
A cream plant and expanded consumer canning capacity were also planned.
