Maynilad eyes PSE listing in July

West zone concessionaire Maynilad Water Services Inc., which is looking to raise some P49 billion from its initial public offering (IPO), on Monday said it is looking to list on the Philippine Stock Exchange (PSE) by July,

In a statement, Maynilad said it targets offering 2,457,290 common shares at a maximum price of P20 per share from June 25, 2025, to July 2, 2025, and listing on the PSE on July 10, 2025.

The offer shares include 1,775,381,900 primary common shares for public offering, 36,314,600 primary common shares to be offered to First Pacific Company Ltd., an overallotment option of up to 266,307,300 primary common shares, and an upsize option of up to 379,286,200 common shares.

This translates to 30.45% of Maynilad’s total issued and outstanding capital stock post-IPO. The final number of shares and pricing will be determined after the approval of the PSE and the Securities Exchange Commission (SEC).

“The IPO will involve the sale of common shares to the public, with proceeds intended to fund Maynilad’s capital expenditure program for 2025-2026 which consists of three major pillars: water capex, wastewater capex, and customer service and information system projects capex,” Maynilad said.

The water concessionaire said part of the proceeds may also be allocated for general corporate purposes.

Maynilad tapped BPI Capital Corp., HSBC, Morgan Stanley, and UBS as the joint global coordinators and joint bookrunners for the IPO, with BPI Capital Corp. also serving as the domestic lead underwriter.

Maynilad earlier earmarked P19 billion for the installation of 121 kilometers of new sewer lines from 2023 to 2027, covering its network expansion in Bacoor, Caloocan, Las Piñas, Manila, Muntinlupa, Quezon City, and Valenzuela.

The company currently serves customers in the west zone, which covers the cities of Caloocan, Las Piñas, Makati, Malabon Manila, Muntinlupa, Navotas, Parañaque, Pasay, Quezon, Valenzuela. It also services certain areas in Cavite such as the cities of Bacoor, Cavite, and Imus; and the towns of Kawit, Noveleta, and Rosario. –NB, GMA Integrated News