Maynilad Water Services Inc., the concessionaire for the west zone of Metro Manila, set a new timetable for its planned P37.41 billion initial public offering (IPO), according to its latest preliminary prospectus.
The offer period will now be from Oct. 16 to 22, with the listing date set for Oct. 30.
Maynilad in June pushed back the maiden share offering, originally scheduled for July, to give cornerstone investors more time to finalize their participation.
The company is keeping the terms of the offering, intending to sell up to 1.66 billion common shares priced at up to P20 each, with an overallotment option for another 249 million shares and a preferential offer of up to 24.904 million shares.
The water utility firm plans to use the proceeds from the sale to fund its water, wastewater and customer service and information systems projects.
It is preparing for the construction of a 300 million-liter-per-day (MLD) treatment plant in Rizal and the installation of a 46-kilometer conveyance to coincide with the completion of the New Centennial Water Source-Kaliwa Dam of the Metropolitan Waterworks and Sewerage System (MWSS).
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.
The company earmarked P16.69 billion in capital expenditures for this year, which will increase to P60.19 billion in 2026.
Under its concession agreement with the MWSS, Maynilad is required to offer its shares to the public on or before January 2027.
Assuming the full exercise of the over-allotment and upsize option, Maynilad will have a public float of 30 percent.
Maynilad is majority-owned by Maynilad Water Holding Company Inc., which in turn is owned by Metro Pacific Investments Corp., DMCI Holdings Inc. and Japan’s Marubeni Corp.
