Maynilad Water Services Inc., the water concessionaire for the west zone of Metro Manila, kicked off its P34-billion initial public offering (IPO) on Thursday after securing regulatory approvals.
The offer period runs from Oct. 23 to 29, 2025, with listing scheduled on the Philippine Stock Exchange on Nov. 7.
Maynilad is selling 1.66 billion common shares and up to 24.9 million primary shares at P15 per share. At this price level, the water utility firm will raise up to P34.33 billion in proceeds, which will be used to fund the company’s capital expenditure requirements and support long-term infrastructure investments aimed at enhancing water and wastewater services in its concession area.
The offer has drawn strong domestic and international investor confidence, with the International Finance Corporation (IFC) and the Asian Development Bank (ADB) serving as lead cornerstone investors. Prominent institutions such as BPI Capital Corporation, HSBC, Morgan Stanley, and UBS are acting as underwriters for the offer.
The maiden share offering is set to become the country’s biggest IPO since Monde Nissin’s record P55.180 billion public offering (PO) in 2021.
Maynilad will be the second IPO for this year, after Top Line Business Development Corp. raised P732.62 million in April.
The company is preparing for the construction of the 300 million-liter-per-day (MLD) Terasa 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 Metropolitan Waterworks and Sewerage System (MWSS).
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.
