The Securities and Exchange Commission (SEC) said Monday it approved the planned initial public offering (IPO) of Maynilad Water Services Inc.
Maynilad will offer 1.66 billion common shares at up to P20 apiece, with an overallotment option of up to 249 million shares and a preferential offer of up to 24.904 million shares.
The secondary shares in the offering will be sold by Maynilad Water Holding Company Inc., a major shareholder. Maynilad Water Services Inc. will not receive proceeds from the sale.
Assuming full subscription of the overallotment and preferential shares, Maynilad could raise up to P37.41 billion from the IPO.
Proceeds from the IPO will fund Maynilad’s capital expenditure program for 2025-2026 and for general corporate purposes.
The company previously committed to spending P163 billion between 2023 and 2027, with about P101 billion allocated for water projects and the remainder for wastewater initiatives.
The final number of shares and pricing will be determined through a book-building process.
The offer period is scheduled for July 3 to 9, with shares expected to be listed on the main board of the Philippine Stock Exchange on July 17, according to the latest timeline submitted to the SEC.
Maynilad appointed BPI Capital Corporation, the Hongkong and Shanghai Banking Corporation Limited, Morgan Stanley Asia (Singapore) Pte. and UBS AG, Singapore Branch as joint global coordinators and joint bookrunners for the offering.
Maynilad is mandated to conduct a public offering by January 2027. It will be the second company to list on the Philippine Stock Exchange this year, following Cebu-based Top Line Business Development Corp.
Metro Pacific Investments Corp. is the primary owner of Maynilad, with DMCI Holdings Inc. and Marubeni Corp. also holding significant stakes.
Maynilad is the government’s concessionaire for water services in the west zone of Metro Manila, which includes parts of Manila, Quezon City, Makati (west of South Super Highway), Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas and Malabon. It also serves Cavite City, Bacoor, Imus, and the towns of Kawit, Noveleta and Rosario in Cavite province.
