Megawide chief says PH1 initial public offering plans on hold
PH1 World Developers Inc., the property arm of listed infrastructure firm Megawide Construction Corp., might no longer be heading for an initial public offering (IPO) in the near term.
This, as chair and CEO Edgar Saavedra pointed to shifting market conditions and new funding options.
In a chance interview with reporters, Saavedra said an IPO remains “potentially possible.”
But he stressed that the company now has “more options,” signaling a delay from earlier expectations that PH1 could go public as early as 2025 or 2026.
“Maybe not yet. Not in the short term,” Saavedra said when asked about PH1’s listing plans.
The Megawide chief noted that stronger support from state-run Pag-Ibig Fund could lessen the urgency of tapping the stock market for capital, provided PH1 delivers on its commitments.
“Pag-Ibig said that if you can really do that, if you can deliver on your commitment, they may expand more,” Saadvera said.
He added that the housing agency still needed to see tangible results.
Saavedra also acknowledged broader challenges in the real estate market, warning of signs of a bubble, particularly in higher-priced developments that may be out of reach for most buyers.
Not affordable
“To be honest, the real estate units being sold for P5 million to P8 million—I don’t think Filipinos can afford that,” he said. “Ordinary Filipinos can’t afford that.”
Despite the IPO pause, Saavedra said PH1 continues to draw interest from investors, including potential strategic partners.
“There are investors who are inquiring again,” he said, noting that they “want the story” even as the sector faces valuation concerns.
However, Saavedra said that discussions remain preliminary. “Nothing yet. Too early,” he said, adding only that “there are many options.”
Megawide acquired PH1 in July 2023 for P5.2 billion as part of its expansion into affordable housing.
Saavedra earlier described PH1 as “ripe” for an IPO, with plans to grow its project portfolio and build a long-term inventory pipeline.
For now, though, the company appears focused on execution and alternative growth strategies before revisiting a public listing.
