Mass housing developer Ovialand Inc. has filed for an initial public offering with the Securities and Exchange Commission, seeking to raise up to P2.2 billion.
The move is aimed at bolstering the company’s presence nationwide and expanding its landbanking initiatives.
The IPO will comprise the sale of up to 396 million shares, with 336 million primary common shares and 24 million secondary shares up for grabs.
An oversubscription option of 36 million shares has also been allocated. These shares will be sold at a maximum price of P5.60 per share.
The offer period has been tentatively scheduled for the week of June 19, subject to regulatory approval and market conditions, with SB Capital Investment Corp. as the sole issue manager, lead underwriter, and sole bookrunner.
According to Ovialand president and CEO Pammy Olivares-Vital, the public listing marks a new milestone in the company’s history and provides an opportunity to expand its footprint and offer its customers the Premier Family Living experience.
She added that the IPO would allow the company to meet evolving customer needs by expanding into new markets beyond its core operating areas.
The proceeds from the IPO will be allocated towards land acquisition in South Luzon, particularly Laguna, and North of Metro Manila, particularly Bulacan.
The funds will also be used for the development of real estate projects in Laguna, Batangas, Quezon, and Bulacan, as well as for general corporate purposes.