OVIALAND, Inc. has sought regulatory approval to raise up to P2.22 billion in an initial public offering (IPO) of shares to fund real estate projects, the property developer said on Thursday.

“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 Chief Executive Officer Pammy Olivares-Vital in a media release.

The company intends to offer up to 396 million common shares, which include 336 million primary common shares, 24 million secondary common shares, and an over-allotment option of up to 36 million secondary common shares.

Ovialand said the offer price could reach up to P5.60 per share, with the net proceeds to fund land-banking initiatives in Laguna and Bulacan; the development of real estate projects in Laguna, Batangas, Quezon, and Bulacan; and “general corporate purposes.”

The company said it had filed for registration and listing of up to 1.206 billion common shares with the Philippine Stock Exchange and the Securities and Exchange Commission.

It has set the preliminary offer period from June 19 to 23, subject to market conditions and the receipt of regulatory approval.

SB Capital Investments Corp. has been tapped as the sole issue manager, lead underwriter, and sole book runner for the IPO.

“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,” Ms. Olivares-Vital said. — Adrian H. Halili