AgriNurture Inc. (ANI), an exporter of fruits and coconut-based products, will list its shares by way of introduction on May 13.

Listing by way of introduction does not involve the sale of shares to the public.

ANI will list 178.54 million common shares, which are already issued, at a par value of P1 each.

Within one year after the backdoor listing, about 102 million shares will be sold to the public through a follow-on offering, the company said.

It also eyes to sell to the public 20 million warrants, a security that entitles the holder to buy stock of the company that issued it at a specified price that is usually higher than the stock price at the time of issuance.

ANI is the first company to do a listing by way of introduction this year as most companies have postponed their entry in the stock market due to the prevailing global financial turmoil.

ANI chief executive Antonio Tiu said they will sell their shares to the public to raise funds for future expansion.

"We are in a healthy standing and very capable of raising money from the debt market should the need arises. Right now we can't say the timetable for the follow-on offering because of the current environment,” he said.

Established in 1997, ANI was initially an importer, trader and fabricator of post-harvest agricultural machineries intended to improve the productivity as well as increase the income of Filipino farmers.

It eventually diversified into other various agro-commercial businesses, specifically focusing on the export trading of fresh carabao mangoes as its main revenue stream. At present, it also supplies other home-grown fruits such as banana, pineapple and papaya to customers in Hong Kong, Mainland China, the Middle East and European regions.

In 2008, ANI's revenues amounted to P800 million.