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Maynilad Water Services [MYNLD] [link] had its P37 billion IPO application approved by the SEC yesterday. The deal, which MYNLD is forced to conduct under the terms of its concession agreement with the government, will see MYNLD sell up to 1.93 billion primary shares and 354.7 million secondary shares at a price of up to P20.00/share. According to MYNLD’s timeline in the prospectus it submitted to the SEC, it hopes to conduct an offer period between July 3 and July 9, with a listing on July 17.
MB bottom-line: There’s a good amount of excitement for this IPO. It hasn’t gripped me yet, but I’m willing to have someone (with a great argument or analysis) or something (a more thorough reading of the prospectus) change my mind. It’s early yet, though. It still needs to pass through the PSE’s approval process before it gets any dates worth putting on the schedule. While huge, it’s still a deal that can be pulled back at any point in this process due to “market conditions”, so I’m keeping an open mind, but I also understand that they still have more than a year-and-a-half before they breach their deadline to IPO.
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