MANILA - Mid-range real estate developer Haus Talk on Monday listed on the Philippine Stock Exchange as the first SME to debut this year after raising some P750 million in its initial public offering (IPO).
The family-owned firm, which originated from Pampanga, opened the capital raising activities this year.
"This clearly demonstrates that a family-owned, managed SME can tap the equities market for its fundraising needs," PSE president Ramon Monzon said during the listing ceremony.
Focused on the mid-range market, Haus Talk's units usually sell for P750,000 to P3.5 million. Its IPO will help Haus Talk address the backlog and build more homes, its president Maria Rachel Madlambayan told reporters.
With the funds raised from its IPO, Haus Talk aims to expand in more areas to offer quality and affordable housing, its chairman and vice president Terence Madlambayan said in a message delivered by director Maria Leah Madlambayan.
“We have seen the ever-growing clamor for quality yet affordable housing in preferred locations even during the pandemic,” Madlambayan said.
“We are a passionate and excitable bunch we wanted to build more houses because the need was there, generally unmet. We knew it would only happen when we go public,” he added.
Projects in "strategic locations" will be launched this quarter and the next, while other projects for next year are on going negotiations, the company said.
Haus Talk earlier said it allotted about P460 million for land acquisition. It has developments in Cavite, Laguna, Antipolo and Metro Manila.