“Tentatively, we are looking at the last quarter [for the initial public offering]. We are getting very good results from our international operations and we want to maximize our potential first before going to the capital market for funding,� Henry Lim Bon Liong, SL Agritech president, said a telephone interview last Dec. 23.

He confirmed by phone on Sunday that possibility still stands.

SL Agritech, a subsidiary of the Sterling Paper group of companies, had intended to conduct its IPO as early as 2010, but shelved plans twice amid unstable market conditions.

“[The IPO] will still depend on the appetite of the company’s investors,� Mr. Lim said.

According to its most recent listing prospectus, dated August 2010, SL Agritech wanted to sell P1.3 billion worth of shares in a bid to raise P958.78 million to retire debt and further expand operations, with BDO Capital Investment Corp. serving as issue manager and underwriter.

Interest

Mr. Lim declined to state whether the company was retaining details of its 2010 IPO plans.

“We continue to work with them, and we’re just waiting for the best time,� said BDO Capital President Eduardo V. Francisco said via text message on Sunday, without elaborating.

In addition to BDO Capital, the company may also seek foreign underwriters, Mr. Lim said.

“There are a lot of foreign companies interested to jointly underwrite our IPO. We have some companies interested from Singapore and Korea,� he said, even as he delined to name them.

The company hopes to build on its performance last year as a prelude to listing. “I think [last] year has been very good to us. The market has been good,� Mr. Lim said.

SL Agritech has moved to expand its seed production operations in Bangladesh and establish a presence in Myanmar and Cambodia, on top of ongoing seed exports to Vietnam, Indonesia, and Nigeria.

SL Agritech was formed in 1998 as a researcher for hybrid rice and incorporated in 2000.

It produces hybrid rice seeds and premium varieties, earning from seed sales, hybrid rice technologies royalties and the sale of Doña Maria, Jasponica and Miponica premium varieties.

Buyers of its premium rice include supermarkets and Japanese-themed restaurant chains.

If its IPO were to proceed, SL Agritech will join the only listed agricultural firm, AgriNurture, Inc., which went public in May 2009.

Agri-products distributor Calata, Inc. has also announced similar intention to list. — F. J. G. de la Fuente