Maynilad submits IPO registration to SEC and PSE
Maynilad Water Services, Inc. has recently taken a significant step towards its proposed Initial Public Offering (IPO). The company filed a registration statement with the Securities and Exchange Commission (SEC) and a listing application with the Philippine Stock Exchange (PSE) on March 17, 2025.
The IPO aims to offer up to 2,457,290,000 common shares, known as the Offer Shares, at a maximum offer price of Php20 per share. The final number of shares and pricing is subject to change pending the completion of the book-building process and regulatory approvals.
The Offer Shares comprise various components, including primary common shares for public offering, shares for First Pacific Company Limited, an Overallotment Option, and an Upsize Option. Post-IPO, these shares will represent 30.45% of Maynilad’s total issued and outstanding capital stock.
While Maynilad will primarily issue the shares, the Selling Shareholders, Maynilad Water Holding Company, Inc., and/or Metro Pacific Investments Corporation, may also sell secondary shares under the Upsize Option, potentially affecting the number of new shares issued.
The purpose of the IPO is to raise funds for Maynilad’s capital expenditure (CAPEX) program for the years 2025-2026. This program focuses on water CAPEX, wastewater CAPEX, and customer service & information system projects CAPEX. Some of the proceeds may also be allocated for general corporate purposes.
The final number of shares and pricing will be determined through the book-building process and will only be finalized after receiving approval from the SEC and PSE. If approved, the indicative timeline for the IPO includes an offer period from June 25, 2025, to July 2, 2025, with the listing scheduled for July 10, 2025.
The Joint Global Coordinators and Joint Bookrunners for the IPO are BPI Capital Corporation, HSBC, Morgan Stanley, and UBS, with BPI Capital Corporation also serving as the Domestic Lead Underwriter.
Maynilad serves as the water and wastewater services provider for the West Zone of Metro Manila and Cavite, covering multiple cities and municipalities. Its corporate office is located in Quezon City, Philippines. For more information, individuals can contact the provided phone number or visit the company’s official website.
In conclusion, Maynilad’s filing for an IPO marks a significant development in its growth and future plans. Through this offering, the company aims to secure funding for its CAPEX program and further enhance its services in the region it serves.