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Manila Bulletin devider Business devider The Stock Market devider Maynilad delays ₱45.8-billion IPO to October 2025

Maynilad delays ₱45.8-billion IPO to October 2025

Published Jun 22, 2025 10:31 pm
West Zone concessionaire Maynilad Water Services, Inc. has decided to postpone its ₱45.8 billion initial public offering to “no later than October 2025” in the hope that potential strategic cornerstone investors will soon decide to buy into the company.
In a statement on Sunday, June 22, the water utility said it has updated its IPO timetable “in response to robust potential demand from strategic cornerstone investors.”
“These investors have conveyed strong and sustained interest in participating in the offering, but requested additional time to complete their internal approval processes,” it added.
Maynilad’s decision comes after the United States bombed Iran’s nuclear facilities, and the escalation in the Israel-Iran conflict, with the entry of the US, is seen to send global stock markets into turmoil, while oil prices are expected to shoot up.
To give way to the inclusion of potential cornerstone investors, Maynilad said it has submitted an updated timetable to the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE).
“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 firm explained.
Maynilad said it continues to coordinate with regulators and is proceeding with all necessary requirements for the proposed IPO.
Based on the updated timetable filed with the SEC and PSE, the target listing date on the Main Board of the PSE will be no later than end of October 2025, under the trading symbol “MYNLD”.
Maynilad is offering a total of 2.29 billion shares for up to ₱20 per share, consisting of a primary offer of 1.66 billion new common shares, a preferential offer to First Pacific Company of 24.9 million new shares, an upsize option of 354.7 million secondary shares of shares owned by exisiting shareholders, and an overallotment option of up to 249.05 million shares.
Proceeds from the offering of new shares will be used to fund Maynilad’s capital expenditure program for 2025-2026 which consists of three major 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 proposed IPO remains subject to the issuance of the SEC Order of Registration and Certificate of Permit to Offer Securities for Sale, as well as full compliance with regulatory conditions.
BPI Capital Corporation serves as the Domestic Lead Underwriter, while The Hongkong and Shanghai Banking Corporation Limited, Morgan Stanley Asia (Singapore) Pte., and UBS AG, Singapore Branch act as the International Underwriters.
Maynilad also recently secured approval for a 10-year extension of its Revised Concession Agreement. On June 18, 2025, the Economy and Development Council (EDC) approved the request of the Metropolitan Waterworks and Sewerage System (MWSS) to extend the concession to January 21, 2047.
The firm said it views this extension as an affirmation of the Company’s fundamentals and long-term prospects and supports the Company’s move for an IPO.

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