AGRINURTURE Inc., the country’s only listed agribusiness company, is expecting to complete a number of fund-raising measures before proceeding with its initial public offering (IPO) likely before the end of the year.

In an interview, AgriNurture chairman and chief executive officer Antonio Tiu  said the company is expecting a $10-million infusion from a “big foreign fund”  on top of the targeted P500 million from the 1:1 stock rights offer.

The rights offer will price the shares at P2.50 each, representing a discount of over 80 percent from yesterday’s P15.26 close.

“The stock rights offer will go first because we want to give investors a chance to own more shares,” Tiu said.

The company executive added that AgriNurture is also waiting for the go-signal from its anchor investor before holding the public listing which is expected to yield between P1 billion and P1.5 “most likely in the fourth quarter.” He declined to name the investor, only saying it is a foreign fund seeking developmental projects.

Tiu said proceeds from the planned rights offering and private placement will be used to grow AgriNurture’s various businesses in backward integration, cold storage and expansion into wet markets.

“We want our vegetables to be all over the Philippines,” Tiu said.

Meanwhile AgriNurture and a group of Filipino partners formed a joint venture with China’s Heilongjiang Beidahuang Seed Group Co. Ltd. to be called Beidahuang (Philippines) Agro Industrial Development Corp.

Under the partnership, Beidahuang Philippines will produce and distribute high-yielding hybrid rice seedlings to farmers to help increase their productivity.

The hybrid rice varieties are expected to be available for market consumption in Luzon and Mindanao by the fourth quarter. AgriNurture said the partnership will initially function as an agricultural research, development, production company before expanding to fabrication and product processing.

Tiu said part of the plan is to take Beidahuang Philippines public, either through the Philippine Stock Exchange or a “bigger” exchange aboard, in the next two to three years.

In a separate disclosure yesterday, AgriNurture said it acquired a vapor heat treatment facility from Donn Drake Daniel Cotoco for an estimated P37.17 million. Subject to approval by the corporate regulator, AgriNurture will pay Cotoco with 2.65 million primary shares at P14 each.