Maynilad Water Services, Inc., the west zone water concessionaire, has pushed back its planned P37.41 billion initial public offering (IPO) timetable to no later than October 2025 to allow cornerstone investors more time to finalize their participation.
Originally scheduled to take place this July, the IPO has been rescheduled after strategic investors expressed strong interest in joining the offering. The interested investors however requested additional time to complete internal approvals.
“The potential participation of these investors is expected to add even more value to Maynilad’s public offering and will be viewed positively by all investors and the markets at large,” the water concessionaire said.
Maynilad said it has submitted the revised IPO timeline to the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE).
The company expects the listing to occur on the Main Board of the PSE under the trading symbol “MYNLD.”
Maynilad tapped BPI Capital Corp., 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 offer.
Last week, Maynilad secured approval for a 10-year extension of its Revised Concession Agreement. The Economy and Development Council (EDC) approved the request of the Metropolitan Waterworks and Sewerage System (MWSS) to extend the concession to January 21, 2047. Maynilad views this extension as an affirmation of the company’s fundamentals and long-term prospects and supports the Company’s move for an IPO.
The SEC early this month approved Maynilad’s maiden share offering. Under the plan, Maynilad will sell up 1.66 billion common shares priced at up to P20 apiece, with an overallotment option for another 249 million shares and a preferential offer of up to 24. 904 million shares.
The offer period will run from July 3 to 9, with the shares expected to be listed on the main board of the Philippine Stock Exchange on July 17, based on the earlier timeline submitted to the SEC.
It said the proceeds would fund Maynilad’s capital expenditures and for corporate general purposes.
Under its concession agreement with MWSS, Maynilad is required to offer at least 30 percent of its shares to the public on or before January 2027.
