AgriNurture Inc., the first pure local agriculture firm to be listed at the Philippine Stock Exchange (PSE), is planning a follow-on offering (FOO) of 104.7 million shares to raise about P1.5 billion.

In a disclosure to the Philippine Stock Exchange (PSE) Thursday, the firm said its board has approved the FOO for its remaining registered shares. ANI is mandated to make public offer a year after its listing by way of introduction in May 25, 2009.

Together with the planned listing of the FOO shares, ANI will also seek the listing of 20 million shares as the underlying shares for 20 million warrants.

ANI plans to undertake the FOO after the May elections to raise an additional P1.5 billion which will fund the firm’s expansion plans for the next three years including facilities for farming, cold storage, and wet market operations.

The firm is now into the planting of rice, corn, high-value fruits and vegetables. Since these products are perishable, ANI is looking to extend the shelf life putting up cold storage facilities.

ANI is also looking at the possibility of listing its seed producing affiliate Beidahuang Philippines which is a joint venture company with Heilongjiang Beidahuang, China’s premier agriculture company.

The planned initial public offering, or listing by way of introduction, will raise about P1 billion from, the  sale of shares equivalent to 20 of the company. The offering may take place next year.

ANI needs to raise funds for the development of the rice fields as it aims to help wipe out the rice shortage of the country in three years. The firm plans to start the rice project within 1,500 hectares of land nationwide.