MANILA – The Olivares family-led housing developer Ovialand Inc. is postponing its P2.2-initial public offering to the first quarter of 2024 due to poor market conditions.
The builder, a pioneer in the premium affordable segment of the real estate sector, said the decision was made with its sole deal underwriter, SB Capital Investment Corp.
Ovialand CEO Marie Leonore Fatima “Pammy” Olivares-Vital said they will prepare to launch the IPO once market conditions stabilize.
“Sales for our products are also stronger than expected for the year,” she said in a text message to the Inquirer.
The builder, which is partly owned by mass housing veteran Januario Jesus Gregorio B. Atencio III, earlier planned to sell up to 396 million shares in June at a maximum offer price of P5.60 per share.
Proceed will be used mainly for land bank expansion amid a broader goal to grow the business nationwide.
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The article was originally published in Inquirer.NET and written by Miguel R. Camus.
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