PH1 World Developers, a wholly owned subsidiary of Megawide Construction Corp., plans to strengthen its balance sheet first before considering going public.

"We believe there is a huge possibility [of an initial public offering] by 2025, but to be realistic about it, we think 2026," Gigi Alcantara, president of PH1 World, said at the recent groundbreaking ceremony for the company's P5.5 billion residential project in Pasig.

Spike Ching, PH1 World assistant vice president for project development, added: "We also want to beef up our balance sheet."

"Of course, when we enter [the stock market], we want to [show] good value to the investors, right? And they'll really see the prospects of our cash flow."

Ching highlighted the importance of financial readiness as well as the need to monitor market conditions and investor sentiment closely before proceeding with an IPO.

Megawide Chairman Edgar B. Saavedra said in January that PH1 World would be "ripe" for an IPO around 2025 or 2026, noting that it would bolster the latter's market position and enhance its financial capabilities.

Megawide acquired PH1 from Citicore Holdings Investment Inc. in July last year for P5.2 billion.

Last Friday, Citicore Renewable Energy Corp. debuted on the main board of the Philippine Stock Exchange (PSE), joining its sister companies Megawide Construction Corp., which listed in 2011, and Citicore Renewable REIT Corp, which listed the following year.

Should PH1 World go public eventually, Megawide would then have four listed subsidiaries.

Megawide shares closed at P3.07 each on Tuesday.

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