Maynilad Water Services Inc. has set the final offer price for its planned initial public offering (IPO) at P15 per share, which could enable the water utility firm to raise up to P34.33 billion in proceeds.
The gross proceeds from the offer will be P34,334,610,000, assuming the full exercise of the overallotment option and the upsize option, the company said in a disclosure to the stock exchange on Tuesday.
The water utility firm will offer the public up to 1,660,317,400 common shares, with an overallotment option for another 249,047,600 shares and a preferential offer of up to 24,904,800 shares.
It said the final offer price was determined through a book building process and discussions among the company and the joint global coordinators and joint bookrunners.
Maynilad has secured two cornerstone investors: International Finance Corp. (IFC) and Asian Development Bank (ADB), which have committed to acquire $100 million and $145 million in shares, respectively, at P15 apiece.
The offer will run from Oct. 23 to 29, with the shares expected to be listed on the main board of the Philippine Stock Exchange (PSE) on Nov. 7.
