Ovialand Inc., a pioneer in the premium affordable segment of the real estate industry, is deferring its planned maiden listing amid volatility in local and global markets.
The company has decided to wait for better market conditions before pushing through with its IPO.
“Ovialand has always been about creating value for everyone we serve — whether it be our homebuyers, organization, business partners, and shareholders. We want our IPO to be a testament to this principle,” Pammy Olivares-Vital, president and CEO, said.
The decision was made together with SB Capital Investment Corporation, the sole underwriter for the IPO.
“We aim to find the most suitable vehicle for our client to achieve growth, and as of the moment, a public listing is not the best option,” Virgilio Chua, president and CEO of SB Capital, said. “We will continue to work and support Ovialand so that all options are available to maximize their long-term growth potential.”
“Our business remains strong and is on track for another period of significant growth in 2023. This is because homebuyers see that Ovialand’s products provide the best value as well as the fastest turnover period for them,” Olivares-Vital said. “We will continue to execute our growth plans to hit our goals of having a nationwide presence in the near future and being the top brand of choice for homeowners.”
