MANILA, Philippines — Real estate developer Ovialand Inc. is going public.
In a statement, the company said it has submitted the filing documents to regulators for its plan to list up to 1.2 billion common shares.
For its initial public offering, Ovialand would sell 336 million primary common shares and up to 24 million secondary shares for a price of P5.60 apiece.
Ovialand would sell 36 million more shares if there would be strong investor demand for the offer. Including the overallotment option, gross proceeds from the maiden share sale could amount to P2.2 billion.
The offer period is set for the week of June 19 this year, but the company said this is still “subject to market conditions”.
“This IPO will be key to us in meeting our clients’ ever-evolving needs,” Pammy Olivares-Vital, company president and chief executive, said.
Ovialand first announced its plan to go public in 2021. Back then, the company was hoping to conduct an IPO in 2022, but volatile market conditions appeared to have delayed the plan.
Ovialand plans to spend the money from the fundraising on “land banking initiatives” in South Luzon, as well as development of real estate projects in the pipeline.
Some of the proceeds would also go to “general corporate purposes”.