SINGAPORE, (Reuters) – Commodities trader Olam International is focusing on completing its IPO for the food ingredient unit within the second quarter. However, it also tracks market movements in order to determine the impact on timing of the IPO. Executives said Monday.

Olam Food Ingredients (OFI), which is based in Singapore, was announced by Olam in August. It plans to seek a primary London listing and then a secondary Singapore listing during the first half in 2022.

According to sources familiar with the matter, Olam had been considering raising approximately 2 billion pounds ($2.7 million) via the London listing. This would have made it the largest London IPO in many years.

Sunny Verghese (Olam CEO and co-founder) said Monday that they are doing everything possible to ensure that the IPO and concurrent demergers of OFI from Olam can be completed in the second half of 2011.

As investors search for gold safety and inflation protection, global markets fell sharply after Russia invaded Ukraine. The IPO season in Europe is being threatened by market jitters.

Olam, one the most important agricultural commodity traders worldwide, is currently reorganizing its operations in an effort to reduce its portfolio of complex assets and increase its valuation.

To assist in the OFI IPO, the bank has appointed a number of international and regional banks.

Olam executives didn’t specify if they were looking to delay its IPO, but stated that their focus is on building a solid business.

Markets will remain markets. We’ll find the right balance. “Obviously, at the moment, no one really knows,” A. Shekhar (Official Financial Insurance CEO) responded to a question about whether war in Europe might affect risk appetite or impact OFI’s IPO.

“We’ll keep an eye on how this develops. “I want to be clear that we will prepare, then we’ll determine the best time,” he stated.

($1 = 0.7486 pounds)