Affordable housing developer Ovialand Inc. is suspending its planned initial public offering (IPO) citing the volatility in local and global markets.
The realtor was earlier looking to raise P2.2 billion through the IPO, planning to offer to the public 336 million of primary shares and up to 24 million of secondary shares, covering the primary offer, and another 36 million secondary shares to cover for the greenshoe option, at an offer price of P5.60 per share.
SB Capital Investment Corp. was tapped as the sole underwriter for the IPO.
“The company has decided to wait for better market conditions before pushing through with its IPO,” Ovialand said.
Pammy Olivares-Vital, Ovialand president, business remains strong and is on track for another period of significant growth in 2023.
