MANILA - Philippine home builder and construction company Datem Inc. is pushing through with an initial public offering (IPO) as early as the first quarter when the market is expected to stabilize, its president said.

The company last week announced the postponement of its market debut that could have raised up to $74 million because of weak market conditions that plagued listing plans in Manila.

It has since increased its target proceeds from the offering to 4 billion pesos ($85 million), possibly supported by cornerstone investors, Datem President Levy Espiritu said.

"We have two options, either in the first quarter or third quarter after the elections," Espiritu told Reuters late Wednesday.

The country will have presidential and local elections in May next year, and investors usually take a cautious stance until after a new government is installed.

The 31-year-old company had planned earlier this year to sell up to 329.05 million shares worth 2.88 billion to 3.5 billion pesos ($61-$74 million) in what could have been just the fourth IPO in the local bourse for 2015.

Unfavorable market conditions prompted Philippine supermarket and department store chain Metro Retail Stores Group Inc. to price its IPO at a discount while D.M. Wenceslao & Associates Inc cut its maximum offer price by 43 percent on Wednesday.