Shares of housing developer Haus Talk Inc., which raised the 2022 curtain for the local initial public offering (IPO) market, gained 6.67 percent on its inaugural stock trading on Monday, bringing a new property play that pitches quality pocket real estate developments to the working class.
Haus Talk, which listed on the small, medium and emerging (SME) board of the Philippine Stock Exchange under the ticker HTI, reversed an early trading decline to close at P1.60 per share compared with its IPO price of P1.50.
It was the third most actively traded company at the local bourse for the day as P354 million worth of shares changed hands. It also bucked the overall market downturn as the main stock barometer shed 0.52 percent on Monday.
“They are not a company or a house or a property developer that’s going for the numbers. They’re going for quality products to deliver to their buyers … and doing that in a profitable and growing way,” Investment & Capital Corporation of the Philippines managing director Manny Ocampo said at a press briefing on Monday after the listing ceremony.
HTI raised P750 million from this equity deal to fund expansion plans in the coming years.
Basic need
“This kind of business will always fulfill the basic need for shelter. We aim, though, to go beyond the basic and elevate our products into sanctuaries to protect us from all the worries in the world. Besides, we have seen the ever growing clamor for quality, yet affordable housing options in preferred locations amongst Filipinos who are budget-conscious, even during a pandemic,” said Leah Madlambayan, HTI director and vice president of sales and marketing, who spoke on behalf of the family during the listing ceremony.
This was the first SME public debut since the local bourse eased listing requirements amid the extraordinary impact of the pandemic.
Ocampo added the offering had been “well-priced” given HTI’s business prospects. “Timing[-wise], maybe conditions would have been better but I think we’re doing quite well. We’re very happy with the results of the listing and where it’s currently trading at,” he said.
The closing price gave HTI, which is now 26-percent owned by the public, a market capitalization of P3.75 billion. INQ