Socialized housing developer Ovialand Inc. is set to go public under a P2.21 billion initial public offering (IPO) at the Philippine Stock Exchange (PSE).
Ovialand looks forward to offering 336 million in primary common shares, up to 24 million in secondary common shares and an over-allotment option of up to 36 million secondary common shares. The offer price could reach up to P5.60 per share.
The offer period is set for the week of June 19. SB Capital Investment Corp. has been picked as sole issue manager, lead underwriter and sole book runner of 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 Llving experience to our customers,” Pammy Olivares-Vital, Ovialand president and CEO, said.
Ovialand plans to use the net proceeds from the offering for land banking initiatives in Laguna and in Bulacan, the development of pipeline real estate projects in Laguna, Batangas, Quezon and Bulacan and for 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,” Vital said.
The company generated net profits last year reaching P227 million, a 37 percent increase from the previous year’s P166 million, and a three-fold increase from P76 million in 2020.
Revenues grew 64 percent year-on-year to P1.4 billion, the same having grown four times the past three years on the back of rising demand for its projects.
Its revenue flows are based on houses turned over and their financing taken out from partner institutions.
Ovialand continues to grow its total assets reaching P1.6 billion in 2022 from only P1.1 billion in 2021.
