Ovialand eyes bigger IPO, awaits better market conditions — president
REAL ESTATE developer Ovialand, Inc. is considering a bigger initial public offering (IPO) but is waiting for more favorable market conditions before proceeding with its public listing, its president said.
“[It would be] more than what we had initially filed for. The initial filing was up to P2.2 billion. When we had to defer our IPO, we put all our efforts into still growing the company. So we have growth in 2023,” Ovialand President and Chief Executive Officer Pammy Olivares-Vital told reporters on Jan. 29.
“We expect substantial growth again in 2024, so that number will most likely be changing,” she added.
In June last year, Ovialand announced the postponement of its planned P2.2 billion IPO, citing poor market conditions.
Ovialand is currently observing the market’s response to planned IPOs, including SM Prime Holdings’ real estate investment trust (REIT) offer and ports tycoon Enrique K. Razon, Jr.’s Prime Infrastructure listing, Ms. Vital said.
The company will decide on its own listing plan based on the market conditions and the success of these offerings, she said.
“That’s the advice we’re getting from the bank that once those are going to be successful, then that’s the signal that foreign investors are back, and we’ll have a better chance of having a good IPO.”
On Monday, Ovialand partnered with Takara Leben to bring more premium affordable homes to Filipino families. The partnership’s first project will be the 6.5-hectare Savana South development in Laguna, which will have 657 homes that will generate P1.97 billion worth of sales over four years.
Ovialand and Takara Leben will establish a joint venture company to serve as project developer. The partnership also seeks to develop at least five projects within three years.
Ovialand has developments in Southern Luzon and Bulacan. Some of its developments include Savana, Santevi, and Sannera in Laguna; Caliya in Quezon; and Terrazza de Sto. Tomas in Batangas; as well as Seriya in Bulacan.
Established in August 1989, Takara Leben is a Japanese company involved in the development and sale of condominiums, leasing of real estate, and distribution of real estate. — Revin Mikhael D. Ochave
