Property developer Ovialand Inc. plans to raise up to P2.2 billion in proceeds from its planned initial public offering in June.
Ovialand said in a statement Thursday it filed with the Securities and Exchange Commission an application to list up to 360 million primary and secondary shares plus, with an over-allotment option for another 36 million secondary shares. The offer price could reach up to P5.60 per share.
Ovialand said that subject to market conditions and the receipt of regulatory approvals, the offer period could start in the week of June 19, 2023.
SB Capital Investment Corp. is the sole issue manager, lead underwriter and 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,” Ovialand president and chief executive Pammy Olivares-Vital said.
“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,” she said.
Ovialand said it would use the proceeds from the fund-raising activity to finance banking initiatives in southern Luzon, particularly Laguna and north of Metro Manila, particularly Bulacan.
It will also spend a portion of the proceeds to develop pipeline real estate projects in Laguna, Batangas, Quezon and Bulacan.
Ovialand reported that net income grew 37 percent in 2022 to P227 million from P166 million in 2021. Revenues also jumped 64 percent to P1.4 billion last year.