Real estate developer Ovialand, a pioneer in the premium affordable housing segment, has chosen SB Capital Investment Corporation to lead its planned initial public offering, targeted either in June or July this year.
The company is seen to raise up to P2 billion which will primarily be used for land bank expansion and new property development, as Ovialand aims to expand its reach outside South Luzon and nationwide by 2030.
Ovialand’s CEO, Pammy Olivares-Vital, said company aims to increase its house-building capacity to 3,000 units by 2025 and expand its land bank by five-fold.
The company’s latest financial results showed a 62 percent jump in revenue to around P1 billion and an increase in unit sales to 600 in 2022.
Ovialand is owned by the Olivares family, which has more than 35 years of experience in the real estate industry.
The company has broken ground on new projects in Baliuag, Bulacan, marking its foray into the Central Luzon market.
Ovialand believes that now is the right time to go public given the continued demand for its products.
8990 Holdings founder and Januarius Holdings chief executive officer JJ Atencio holds a 20 percent stake in Ovialand.