Housing developer applies for P750-M IPO

Residential estate developer Haus Talk Inc. has filed an application to bring to public hands as much as P750 million worth of shares this November—the first company to potentially debut on the small, medium and emerging board of the local stock exchange this year.

Based on a preliminary prospectus dated Aug. 25 filed with the Securities and Exchange Commission, the company plans to sell as much as 500 million primary common shares at a maximum price of P1.50 per share.

Haus Talk has mandated local investment house Investment & Capital Corporation of the Philippines as underwriter and issue manager for this initial public offering (IPO) at the Philippine Stock Exchange.

Established in 2004, the property development arm of the Madlambayan family has delivered thousands of housing units in the last few years, mostly located in Rizal, Metro Manila, Laguna and Cavite. It aspires to become the leading developer in the Antipolo and Laguna regions.

Net proceeds from the offering will be used for land acquisition, project development and general corporate purposes. Based on the prospectus, the company plans to acquire land in Bacoor, Dagupan, Sta. Cruz and Antipolo.

Part of the proceeds will also be used to develop an existing 240,000-square meter property located in Mariveles, Bataan, into a 2,200-unit horizontal residential project. INQ