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Manila Bulletin devider Business devider The Stock Market devider Maynilad gets SEC nod for massive IPO targeting ₱45.8 billion in July

Maynilad gets SEC nod for massive IPO targeting ₱45.8 billion in July

Published Jun 2, 2025 10:26 am  |  Updated Jun 2, 2025 05:52 pm

The Securities and Exchange Commission (SEC) has approved the planned initial public offering (IPO) of Maynilad Water Services, Inc. for next month, aiming to raise a maximum of ₱45.8 billion.

The Commission En Banc, on May 30, resolved to render effective the registration statement of Maynilad, covering 1.93 billion primary shares and 354.7 million secondary shares, subject to the company’s compliance with certain remaining requirements.

Maynilad will offer to the public up to 1.66 billion common shares priced at up to ₱20 apiece, with an overallotment option of up to 249.05 million shares and a preferential offer of up to 24.9 million shares.

The company’s shareholder will sell the secondary shares that are part of the offer, Maynilad Water Holding Company, Inc.

Maynilad could net up to ₱37.41 billion from the IPO, assuming the overallotment option and preferential offer are fully subscribed. Maynilad will not receive proceeds from the sale of secondary shares by Maynilad Water Holding Company.

Proceeds from the offering of new shares will be used to fund Maynilad’s capital expenditure program for 2025-2026, which consists of three central pillars: water capex, wastewater capex, and customer service and information system projects capex. A portion of the proceeds may also be allocated for general corporate purposes.

The offer period will run from July 3 to 9, with the shares expected to be listed on the main board of the Philippine Stock Exchange on July 17, according to the latest timeline submitted to the SEC.

Maynilad has tapped BPI Capital Corporation, 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 offer.

Maynilad is the water and wastewater services provider for the West Zone of Metro Manila and Cavite, covering 17 cities and municipalities, including Caloocan, Malabon, Navotas, Valenzuela, parts of Quezon City, parts of Manila, parts of Makati, Pasay, Parañaque, Las Piñas, and Muntinlupa—all in Metro Manila; the cities of Cavite, Bacoor and Imus, and the municipalities of Kawit, Rosario and Noveleta—all in Cavite Province.

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Maynilad Water Services Inc. Philippine Stock Exchange (PSE) Securities and Exchange Commission
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