According to the sources, it has been reported that the Philippines largest hybrid rice seeds producer, SL Agritech Corp, informed that it may revive plans for an initial public offering (IPO) next year and looking to raise up to 8 billion Philippine pesos ($170 million).Further, it was narrated that the hybrid seeds and premium rice manufacturer shelved its proposed IPO in 2012 when debt woes in Greece unsettled global markets.It has also explained that the Philippine bourse has risen strongly in recent months to be the second-best performing equity market in Southeast Asia this year.Meanwhile, we were able to expand rapidly in the past two years. Moreover, by the third quarter or fourth quarter next year, we may go into IPO, as stated by SL Agritech chairman Henry Lim Bon Liongters.
Furthermore, in this context, it has been revealed by Mr Lim that SL Agritech plans to sell a 25-percent stake to the public and adding that the fresh capital rose would help speed up expansion plans. In addition, the company, which exports premium rice to the United Arab Emirates, Canada and the United States, produces hybrid rice seeds in Bangladesh, Indonesia, Myanmar and Vietnam. It also plans to enter the Indian and Nigerian markets too. It was also informed that only two companies have debuted on the Philippine Stock market this year. The report includes Golden Haven Memorial Park Inc which sold $16.7 million of shares, while Cemex Holdings Philippines Inc raised $532.5 million in Southeast Asia's second largest IPO this year. The value of $1 = 47.1950 Philippine pesos.