Ovialand files up to P2.2 billion IPO

MANILA, Philippines — Ovialand Inc., owned by the Olivares family, is embarking on a P2.2 billion initial public offering.

It has filed an application with the Securities and Exchange Commission for the registration and listing of up to 1.2 billion common shares.

These include the initial public offering of up to 336 million primary common shares and up to 24 million secondary common shares plus an over-allotment option of up to 36 million secondary common shares.

The offering price per share could reach up to P5.60 or total proceeds of up to P2.2 billion.

Ovialand plans to use the proceeds of the IPO for land banking initiatives in South Luzon, particularly Laguna, and North of Metro Manila, particularly Bulacan.

It also wants to develop a pipeline of real estate projects in Laguna, Batangas, Quezon, and Bulacan, and other general corporate purposes.

Ovialand president and CEO Pammy Olivares-Vital said the company aims to expands its presence beyond the core markets it operates in.

“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,” she said.

“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. This concept is central to Ovialand’s operations and as such, this IPO serves to strengthen the company’s commitment towards helping more Filipinos achieve that dream in the years to come,” she also said.

The offer period is set for the week of June 19 with SB Capital Investment Corp. as the sole issue manager, lead underwriter, and sole book runner.