Shares of the Bulacan-based firm rose 2.67% to close at P7.70 apiece yesterday from an initial listing price of P7.50 per share, hitting an intraday high of P7.75 per share, according to data posted on PSE’s Web site.

This, even as the benchmark PSE index lost 0.60% or 29.90 points to close at 4,928.53, while the broader all-share index slid 0.68% or 22.42 points to 3,292.07.

“We believe the market realized the agriculture industry is a stable one, and this reflected in the stock’s performance today. We’re happy with the price performance today,” Benison Paul B. de Torres, Calata chief finance officer, said in a text message yesterday.

Calata listed 360.11 million common shares on the local bourse’s second board, which is reserved for smaller firms with market capitalization of roughly P250 million, authorized capital of around P100 million and operating history of at least a year.

“There are growth prospects in agriculture-related segments and this helped Calata go up. Calata has a strong client profile and it is in a position to grow even if it is classified as a smaller company,” Grace C. Cerdenia, senior analyst at online brokerage 2TradeAsia.com, said in a separate telephone interview yesterday.

The PSE approved Calata’s initial public offering last April 26, the third for the year following holding firm GT Capital Holdings, Inc., which went public on April 20, and Gotianun-led East West Banking Corp., which listed on May 7.

Calata’s IPO, which ran from May 10-16, was oversubscribed 1.7 times on the back of strong demand from institutional investors.

Calata is estimated to have raked in around P242.42 million from its IPO, of which P109.52 million will be allotted for working capital, P102.20 million for inventory purposes, P24.28 million for site developments and building structures, and P6.42 million for equipment and office suppliers.

Unicapital served as underwriter, Sy-led BDO Unibank, Inc. Trust and Investment Group as stock transfer agent and Absolute Traders Consulting Services, Inc., transaction adviser.

This year, Calata plans to roll out 100 retail stores in Luzon, in addition to the 115 existing Agri Retail Stores operated by its affiliate, Agri Phil Corp., according to the company’s final listing prospectus. Calata may also look into expanding its retail store network to the Visayas.

This year, the company may tap both debt and equity markets for any needed fund-raising, an official said. “We are considering a mix between debt and capital fund-raising, depending on the performance and demand of our products,” Jose Marie E. Fabella, Calata chief information and compliance officer, said at a press briefing at the Philippine Stock Exchange in Makati City following the firm’s listing ceremony yesterday.

In 2011, Calata grew net income nearly three times to P100.17 million from P33.84 million the preceding year, while sales rose 11.11% to P2.0 billion versus P1.80 billion two years ago, according to the company’s latest financial statement attached to its prospectus. — Franz Jonathan G. de la Fuente