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Manila Bulletin devider Business devider The Stock Market devider Weak demand seen in Maynilad IPO postponement

Weak demand seen in Maynilad IPO postponement

Published Sep 29, 2025 02:50 pm
The decision by Maynilad Water Services Inc. to again postpone its ₱45.8 billion initial public offering schedule could be an indication of weaker demand amid adverse market conditions.
“The delay once again could be an indication of a weaker-than-expected demand for the offering, which may also be attributed to the tepid performance of the overall market,” said Abacus Securities Corp.
Reyes Tacandong & Co. Senior Adviser Jonathan Ravelas said the delay is not surprising “given the current macro-economic backdrop,” although Chinabank Capital Corporation Managing Director Juan Paolo Colet said “it is just a minor delay.”
Maynilad has informed the Philippine Stock Exchange and the Securities and Exchange Commission that it now targets a listing date of no later than Nov. 7, 2025 (from the previously announced target listing date of Oct. 31, 2025).
“Following the accommodation of cornerstone investors for the IPO, the Corporation is extending the IPO timetable to allow more time for investor education, ensuring that investors gain a deeper understanding of the Corporation and its business model for more informed investment decision,” it explained.
Before the schedule was moved back by a week, Maynilad said its offering will be priced on Oct. 13, 2025, while the offering period will run from Oct. 16 to Oct. 22, 2025, and listing at the Philippine Stock Exchange will be on Oct. 31, 2025.
Maynilad, which holds the water concession for the West Zone of Metro Manila, Maynilad Water Services, Inc. has earlier postponed its IPO to “no later than Oct. 2025” to give more time for the entry of strategic cornerstone investors.
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.
The firm explained that, “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.”
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.

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