OVIALAND, Inc. said it is targeting to have its stock market debut in June, with an offer size of P1.5 billion or 30% equity for its initial public offering (IPO).
“We intend to submit all our filings by March, and hopefully we see a June listing,” Ovialand President and Chief Executive Officer Pammy O. Vital said in a virtual round table.
“We’re going to be offering majority primary shares,” she added.
Around 40% to 50% of the capital raised will be used for the acquisition of new land, while 10% will be for general corporate use.
The lead underwriter and book runner for the IPO will be China Bank Capital Corp.
“We were able to segment our market position with P2 [million] to P4 million house and lot packages in a mass housing lot model, which is not very visible in the industry right now,” Ms. Vital said.
“We want to contribute to closing the gap in the housing backlog to help Filipinos achieve their dreams of home ownership,” she added.
Ovialand has four ongoing developments in Southern Luzon, including those in San Pablo, Laguna and Candelaria, Quezon.
The three developments in Laguna are Savana, Sannera, and Santevi; while Quezon has Caliya, with packages ranging from P1.8 million to P3.2 million. — Luisa Maria Jacinta C. Jocson