Maynilad Water Services Inc. (Maynilad) has secured six more international cornerstone investors and four domestic investors for its planned maiden share offering.
The international cornerstone investors are Malaysia Sdn. Bhd., Foreign, Commonwealth and Development Office (acting through its MobilisingCapital 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, based on the latest prospectus submitted to the Securities and Exchange Commission.
Domestic cornerstone investors are BDO Capital, BPI Asset Management and Trust Corporation, Metropolitan Bank & Trust Company and Security Banking Corporation-Trust and Asset Management Group.
Multilateral lending institutions International Finance Corp. (IFC) earlier committed to invest $100 million in Maynilad IPO at an offer price of P15 per share, while Asian Development Bank (ADB) is also in the process of securing approval to invest $145 million in Maynilad also at P15 apiece.
IFC and ADB will be the lead cornerstone investors for the IPO.
Maynilad said in a statement Sunday it would also kick off a roadshow to institutional investors in the coming days.
“We are proud to reach this point in Maynilad’s story,” said Maynilad president and chief executive Ramoncito Fernandez.
“Our journey has always been guided by a clear mission—to deliver safe, sustainable, and reliable water and wastewater services to our customers. The submission of our preliminary prospectus marks another step in that mission, as we open the door for broader public participation while continuing to comply with all regulatory processes,” he said.
Maynilad 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.
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.
Maynilad noted that the IPO remains subject to compliance with regulatory requirements under the SEC pre-effective letter and the PSE motice of approval.
Maynilad is the water concessionaire for the west zone, which spans across 11 cities in Metro Manila.
