Megawide sets sight on next public offer

MANILA, Philippines — Following the successful listing of Citicore Renewable Energy Corp. (CREC) last week, the Megawide Group of tycoon Edgar Saavedra is planning to launch another initial public offering (IPO) which will come in the form of real estate arm PH1 World Developers Inc.

PH1 World president Gigi Alcantara said there is a strong possibility for the company’s IPO to happen as early as next year.

“But to be realistic about it, I think it will be in 2026. There is a huge possibility it’s 2025, but again it depends on market conditions,” she said.

Alcantara said the group is preparing for PH1 World’s potential IPO.

“We will look at sentiment first. We really have to look at market pickup and interest. We also want to beef up our balance sheet so investors will see good value,” PH1 World assistant vice president for project development Spike Ching said.

Saavedra earlier said PH1 World should be ripe for an IPO by 2025 or 2026.

Megawide acquired PH1 World from Citicore Holdings Investments Inc. for P5.2 billion last year.

The company is focused on the affordable housing segment to address the gaps in the Philippine housing market.

Alcantara said the vision of PH1 World Developers has always been to disrupt property norms by delivering extraordinary homes.

The real estate company broke ground last month for its newest development in Pasig City, a residential condominium which sits on a 10,000-square-meter property.

It also broke ground for a mid-rise condominium development in Imus,  Cavite which involves the construction of a five-tower, 1,100-unit mid-rise residential community inside a 1.3-hectare property.

CREC is Saavedra’s third company listed on the PSE following the successful IPOs of Megawide in 2011 and Citicore Energy REIT Corp. in 2022.