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Manila Bulletin devider Business devider The Stock Market devider Maynilad targets October IPO, pending key investor confirmation

Maynilad targets October IPO, pending key investor confirmation

Published Jul 28, 2025 05:54 pm
Manuel V. Pangilinan
Manuel V. Pangilinan
West zone concessionaire Maynilad Water Services, Inc. is awaiting confirmation from one of its foreign cornerstone investors before proceeding with its ₱45.8 billion initial public offering (IPO), targeted for October.
Maynilad chairman Manuel V. Pangilinan said on Monday, July 28, that one cornerstone investor has already approved its participation. The company is now awaiting the second investor's decision.
“There are two [cornerstone investors],” Pangilinan told reporters. “The first one confirmed with their approval. The other one we're still waiting for, hopefully by [the latest] in September, to get their approval.”
He added, “We require a total of around 30 percent. There will be shares. These are cornerstones. And the rest will have to come from other institutional investors.”
Pangilinan expressed hope that the IPO would proceed by October once the second cornerstone investor confirms, as their participation would significantly enhance the public offering's value.
Last month, Maynilad submitted an updated timetable to the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE), maintaining constant coordination with regulators regarding the proposed offering.
The proceeds from the IPO are earmarked for Maynilad's capital expenditure (CAPEX) program, specifically for projects related to water, wastewater, and customer service and information systems.
Previously, Maynilad had projected a P30 billion CAPEX budget for this year, an increase from the P25.75 billion allocated in 2024. The majority of last year's budget was utilized for sewerage system projects and the Non-Revenue Water (NRW) reduction program.

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