Cornerstone investors in Maynilad Water Services Inc.’s upcoming initial public offering (IPO) could acquire between $500 million and $600 million worth of shares, according to Metro Pacific Investments Corp. (MPIC) chairman Manuel Pangilinan.
Pangilinan, whose MPIC is the majority owner of Maynilad, also confirmed that the company is aiming for an IPO price of P15 apiece, lower than the P20 maximum offer price indicated in its earlier prospectus.
“Yes, that is what we’re aiming for,” Pangilinan said in a recent interview on the sidelines of a forum. When asked if he was expecting more investors to join the current lineup, he said: “Okay with the current.”
The Maynilad IPO, set to be the biggest listing in the local market since instant noodle giant Monde Nissin’s in 2021, has so far secured 12 cornerstone investors.
Two lead cornerstone investors are the International Finance Corp. (IFC), which committed to acquire $100 million worth of Maynilad shares at P15, and the Asian Development Bank (ADB), which is seeking board approval to invest $145 million in the water utility firm.
The remaining ten cornerstone investors include six international firms and four domestic entities.
The international cornerstone investors are Malaysia Sdn. Bhd., Foreign, Commonwealth and Development Office (acting through its Mobilising Capital through Listed Products (MOBILIST)), Maven Investment Partners Ltd.-Hong Kong Branch, Maybank Asset Management Singapore Pte. Ltd., Robeco Switzerland Ltd. and QRT Master Fund-Torus Fund SP.
The domestic cornerstone investors are BDO Capital, BPI Asset Management and Trust Corp., Metropolitan Bank & Trust Company and Security Banking Corp.-Trust and Asset Management Group.
Maynilad is also set to start an international roadshow to institutional investors. The final price for the IPO will be set on Oct. 20, 2025.
The offer period will run from Oct. 23 to 29, 2025, with the shares scheduled for listing on the Philippine Stock Exchange on Nov. 7, 2025.
