OviaLand readies IPO, expansion plans
Affordable housing developer OviaLand Inc., which aims to go public and scale up to be a major player nationwide, mandated local investment house China Bank Capital Corp. as financial adviser to execute its growth agenda.
China Bank Capital’s acceptance of the mandate signals the start of OLI’s journey toward an initial public offering (IPO).
In a statement, OLI president Pammy Vital said the group was committed to bringing its unique premier family-oriented housing expertise to more cities in Southern Luzon and eventually to the whole Philippines.
“There is strong demand for our housing lifestyle product, so we are aiming to scale up our capacity to 3,000 houses a year by 2025 and eventually, to 5,000 houses a year by 2030. We are excited to work with China Bank Capital to help us realize our growth plans,” she added.
OLI is seen to have sufficient scale and proof of concept to tap the stock market once market conditions become favorable.
China Bank Capital president Ryan Martin Tapia said his firm was honored to have been tapped by OLI for assistance in achieving its goal to become one of the fastest-growing property developers in the country.
“We see a huge opportunity in the housing backlog in the country, and we think the company’s unique premium affordable offering is well-positioned to cater to a growing market of young families looking for quality homes,” he noted.
OLI’s “premier family living” proposition is founded on three pillars: deliver premier homes made of solid concrete and quality finishing materials; premier communities that are safe, secure, and family-centered, and provide premier customer service committed to assisting all clients from start to finish.
Recently, mass housing veteran Januario Jesus Atencio came in as a strategic investor in OLI with an initial 13-percent stake, with an option to raise interest to 20 percent over a three-year period.
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