The much-anticipated initial public offering (IPO) of Maynilad Water Services Inc. has been moved for a second time to November 2025 to give cornerstone investors more time to evaluate the offering, the company said on Friday.
Maynilad, one of the two main water concessionaires in Metro Manila, said in a disclosure to the Philippine Dealing & Exchange Corp. that the listing date is now targeted for “not later than Nov. 7, 2025,” a shift from its previous target of Oct. 31, 2025.
“Following accommodation of cornerstone investors for the IPO, the corporation is extending [the] IPO timetable for investor education, ensuring that investors gain a deeper understanding of the corporation and its business model for more informed investment decision,” the company said.
Reports said multilateral lending institutions Asian Development Bank and the International Finance Corp. are among those eyed as cornerstone investors.
The P45.8-billion IPO was originally planned for July, but was moved to October after strategic investors, who had expressed strong interest in the offering, requested more time to complete internal approvals.
The offering could be the last major IPO in the country this year.
Maynilad’s offering, which has been approved by the Securities and Exchange Commission (SEC), involves the sale of up to 1.66 billion common shares at a maximum price of P20 apiece. It also includes an overallotment option for another 249 million shares and a preferential offer of up to 24.904 million shares.
The company expects to list on the main board of the Philippine Stock Exchange (PSE) under the trading symbol “MYNLD.”
Maynilad has tapped BPI Capital Corp., HSBC, Morgan Stanley and UBS as joint global coordinators and joint bookrunners for the offer.
Proceeds from the IPO will fund Maynilad’s capital expenditures and general corporate purposes.
The company is required under its concession agreement with the Metropolitan Waterworks and Sewerage System (MWSS) to offer at least 30 percent of its shares to the public on or before January 2027.
