Ovialand Inc. said it looks to raise as much as P2.22 billion through an initial public offering.
The company is looking to sell 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.
The company plans to use the proceeds for landbanking in South Luzon, particularly Laguna, and North of Metro Manila, particularly Bulacan, and capital expenditures for pipeline real estate projects in Laguna, Batangas, Quezon, and Bulacan, among others.
“Subject to market conditions and the receipt of regulatory approvals, the offer period is set for the week of June 19, 2023,” the company said.
SB Capital Investment Corp. will serve as the sole issue manager, lead underwriter, and sole book runner for 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 Living experience to our customers. 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,” said Pammy Olivares-Vital, Ovialand president.
