MANILA — Real estate developer Ovialand said on Monday it has filed for an initial public offering to raise some P2 billion as it aims to tap housing demand despite rising interest rate.
The 9-year-old firm is planning to offer as much as 396 million shares for up to P5.60 per piece. The offer period is on the week of June 16, 2023.
Ovialand President and CEO Pammy Olivares-Vital said it is an opportune time to launch an IPO since investors are seeking "value investments" despite economic headwinds and higher interest rates.
"While there are so many economic events happening globally, despite this, what Ovialand sees here is 2 things, one is a robust market-driven economy and continued demand for housing," Vital told ANC.
The developer offers "premium quality homes" that range from P2 to P4 million, she said.
Currently, Ovialand has a footprint in Luzon and plans to expand in the Greater Metro Manila area.