PH1 World Developers, Inc. President Gigi G. Alcantara has expressed confidence in the likelihood of the company’s planned initial public offering (IPO) proceeding by 2025.
“There is a huge possibility that it could be 2025,” Ms. Alcantara told reporters during a recent event in Pasig City.
“We are preparing for it (IPO),” she added.
PH1 Assistant Vice-President Spike Alphonsus Ching said the company is still assessing market sentiment regarding its IPO plans.
“We really have to look at the pickup and the interest of the market,” he said.
“We also want to beef up our balance sheet. Once we do the IPO, we want investors to see good value. We want investors to see the prospects of our cash flow,” he added.
PH1 is the real estate subsidiary of Edgar B. Saavedra-led listed infrastructure conglomerate Megawide Construction Corp.
If the IPO timeline is realized, PH1 will be Mr. Saavedra’s fourth publicly listed company, following Megawide, Citicore Energy REIT Corp., and Citicore Renewable Energy Corp. (CREC).
CREC completed its IPO and listing on June 7, becoming the second company to go public this year. The Philippine Stock Exchange is aiming to have six IPOs for 2024.
Megawide acquired PH1 from Citicore Holdings Investment, Inc. in July last year for P5.2 billion, catering to the below-middle-income and middle-income segments of the real estate market.
PH1 recently held the groundbreaking ceremony for the phase 1 of an unnamed residential condominium project in Pasig City. The company expects to generate up to P30 billion worth of sales from the two phases of the Pasig condo project.
The real estate company’s other projects include Modan Lofts Ortigas Hills condo project in Taytay, My Ensō Lofts in Quezon City, The Hive Residences condo in Taytay, and the Northscapes housing development in Bulacan.
It also has a joint venture with Property Company of Friends, Inc. to build the One Lancaster Park condo project in Imus City, Cavite. — Revin Mikhael D. Ochave
