3 days ago
2
Upgrade to High-Speed Internet for only ₱1499/month!
Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.
Visit Suniway.ph to learn
Richmond Mercurio - The Philippine Star
June 3, 2025 | 12:00am
Maynilad Water Services Inc.
Businessworld / File
MANILA, Philippines — The Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) of Maynilad Water Services Inc. currently targeted by next month.
The commission en banc on May 30 resolved to render effective the registration statement of Maynilad covering 1.93 billion primary shares and 354.7 million secondary shares, subject to the company’s compliance with certain remaining requirements.
Maynilad plans offer to the public up to 1.66 billion common shares at up to P20 apiece, with an overallotment option of up to 249.05 million shares and a preferential offer of up to 24.9 million shares.
The company’s shareholder, Maynilad Water Holding Co. Inc. will sell secondary shares that are part of the offer.
The offering continues to represent at least 30 percent of Maynilad’s outstanding capital stock, consistent with the requirement under its legislative franchise.
According to the SEC, Maynilad could net up to P37.41 billion from the IPO, assuming the overallotment option and preferential offer are fully subscribed.
The company will not receive proceeds from the sale of secondary shares by Maynilad Water Holding.
Proceeds will be used to fund the company’s capital expenditures and for corporate general purposes.
Based on the latest timeline submitted by the company to the SEC, Maynilad’s offer period will run from July 3 to 9, with the shares eyed for listing on the main board of the Philippine Stock Exchange on July 17.
BPI Capital Corp., The Hong Kong and Shanghai Banking Corp. Ltd, Morgan Stanley Asia (Singapore) Pte. and UBS AG Singapore Branch were tapped as joint global coordinators and joint bookrunners for the offer.
Maynilad earlier said that while a formal demand assessment has yet to take place, initial investor feedback from meetings has been encouraging.
“We thus remain confident as we proceed to the next phase of the IPO process,” it said.
Maynilad is the concessionaire of the government in providing water services in the West Zone of Metro Manila.
Under Maynilad’s legislative franchise, the company must become a publicly listed firm on or before January 2027 and offer at least 30 percent of its outstanding capital stocks five years from the grant of the franchise.
The company is jointly owned by Metro Pacific Investments Corp. (53 percent), DMCI Holdings of the Consunji family (25 percent) and Marubeni Corp. of Japan (20 percent).
