Maynilad Water Services Inc. aims to conclude discussions by September 2025 with two cornerstone investors, who are set to acquire about 30 percent of the shares in its planned P37.41 billion initial public offering (IPO).
Maynilad chairman Manuel Pangilinan said one cornerstone investor had approved the deal, with the company awaiting approval from the second. Despite ongoing negotiations, Maynilad is still targeting an October timeframe for the IPO.
“Hopefully, by September at the latest to get their approval,” Pangilinan said.
“We require around 30 percent. There will be shares. These are cornerstone. Cornerstone investors, two of them,” he said.
Pangilinan said the remaining shares would be offered to other institutional and retail investors.
“Hopefully, we can get back on the saddle by October and get it listed, get the shares listed on or before the end of the year. That’s the tentative timeframe,” he said.
Maynilad’s IPO was initially scheduled for July, but was rescheduled after strategic investors expressed significant interest and requested additional time to complete internal approvals.
“The potential participation of these investors is expected to add even more value to Maynilad’s public offering and will be viewed positively by all investors and the markets at large,” the water concessionaire earlier said.
The company expects its shares to be listed on the main board of the Philippine Stock Exchange (PSE) under the trading symbol “MYNLD.”
Maynilad appointed 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 offering.
Maynilad secured approval for a 10-year extension of its revised concession agreement.
The Economy and Development Council (EDC) approved the Metropolitan Waterworks and Sewerage System (MWSS) request to extend the concession until Jan. 21, 2047.
Maynilad views this extension as an affirmation of its fundamentals and long-term prospects, supporting its move for an IPO.
The Securities and Exchange Commission (SEC) previously approved Maynilad’s maiden share offering, which involves the sale of up to 1.66 billion common shares priced at up to P20 apiece.
The offering also includes an overallotment option for another 249 million shares and a preferential offer of up to 24.904 million shares.
Proceeds from the IPO will fund Maynilad’s capital expenditures and general corporate purposes.
Under its concession agreement with MWSS, Maynilad is required to offer at least 30 percent of its shares to the public on or before January 2027.
