Broking firms are expected to request chunks of Fonterra's investment fund, worth millions of dollars, by the end of today.

However, given the fund's popularity, they are expecting their allocations to be scaled back.

The dairy giant's $525 million "trading among farmers" fund will give non-dairy farmers exposure to the co-operative's performance for the first time.

The indicative price is between $4.60 and $5.50 per unit, but Fonterra has already said the final price might be above that.