Ovialand plans P2.16-B IPO

Property developer Ovialand Inc. is planning a P2.16-billion initial public offering of new and secondary shares.
In a statement, the firm said it has filed with the Philippine Stock Exchange and the Securities and Exchange Commission for the registration and listing of up to 1.2 billion of its common shares.
These include the IPO of up to 336 million primary common shares and up to 24 million secondary common shares. In addition, there is an over-allotment option of up to 36 million secondary common shares. The offering price per share could reach up to P5.60.
Subject to market conditions and the receipt of regulatory approvals, the offer period is targeted for the week of June 19, 2023.
SB Capital Investment Corporation will serve as the sole issue manager, lead underwriter, and sole book runner for the IPO.
“Our public listing marks a new chapter in our history, as this is a launchpad for us to achieve greater milestones in providing the Premier Family Living experience to our customers,” said Ovialand President and CEO Pammy Olivares-Vital.
She added that, “As we aim to expand our presence beyond the core markets we operate in, this IPO will be key to us in meeting our clients’ ever-evolving needs.”
Ovialand plans to use the net proceeds from the primary offering for land banking initiatives in South Luzon, particularly Laguna, and North of Metro Manila, particularly Bulacan.
A portion of the priceeds will also be used for the development of pipeline real estate projects in Laguna, Batangas, Quezon, and Bulacan as well as other general corporate purposes.
“The concept of Premier Family Living is about making the dream of homeownership accessible to all Filipinos — whether it be building homes sold at accessible price points or assisting clients in all stages of the homebuying process,” Olivares-Vital said.
She noted that, “This concept is central to Ovialand’s operations and as such, this IPO serves to strengthen the company’s commitment towards helping more Filipinos achieve that dream in the years to come.”