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Manila Bulletin devider Business devider The Stock Market devider IPO-bound Maynilad eyes expansion in Bulacan, Cavite, Pasay's Harbor City

IPO-bound Maynilad eyes expansion in Bulacan, Cavite, Pasay's Harbor City

Published Oct 8, 2025 03:46 pm
IPO-bound Maynilad Water Services Inc. is planning to expand its operations in Mega Manila, including the Harbor City reclamation area in Pasay, as well as in Bulacan and Cavite.
During the firm’s initial public offering roadshow for domestic market players, Maynilad stated that it is looking to expand beyond its current operating areas.
Company management stated that it is already building infrastructure in Harbor City, which could potentially drive demand in the long term. However, analysts noted that this will likely be something to consider in the next concession period (2028-2032).
Maynilad said it also sees expansion opportunities in Bulacan and Cavite, and analysts noted that the firm likely has a geographic and infrastructure edge over Manila Water Company Inc.
“The caveat, though, is that the timeline for these geographic opportunities will not be prioritized at this point and is not part of the company's capex plans from 2025 to 2032, with Maynilad's focus on spending its capex to improve water supply and resources in the near-to-medium term,” said Abacus Securities Corporation.
It added that, “There will likely be a resumption of the expansion talks within that period and should see more concrete plans by then.”
Maynilad has signed cornerstone investment agreements with 12 international and domestic institutions led by the International Finance Corporation, Asian Development Bank, and the UK’s Foreign, Commonwealth and Development Office, acting through its Mobilising Capital through Listed Products (MOBILIST).
Other international cornerstone investors are ABRDN Malaysia Sdn Bhd, Maven Investment Partners Ltd-Hong Kong Branch, Maybank Asset Management Singapore Pte. Ltd., Robeco Switzerland Ltd., and QRT Master Fund SPC-Torus Fund SP.
The Domestic Cornerstone Investors are BPI Asset Management and Trust Corp., Metropolitan Bank & Trust Co., BDO Capital & Investment Corp., and Security Bank Corp.-Trade and Asset Management Group.
Maynilad said each of the Cornerstone Investors has entered into a cornerstone investment agreement with the Company and the International Underwriters or Lead Domestic Underwriter to purchase Offer Shares at the finally determined Offer Price.
IFC is investing up to $100 million at a subscription price of up to ₱15 per share, while ADB is considering an investment of $145 million, also at a maximum of ₱15 per share.
Robeco is investing up to $20 million with no indicated maximum price, while MOBILIST and BDO Capital are subscribing at up to ₱15.00 per share with no committed amount. No committed amount or maximum price has been disclosed for the other cornerstone investors.
“We are proud to reach this point in Maynilad’s story. Our journey has always been guided by a clear mission—to deliver safe, sustainable, and reliable water and wastewater services to our customers,” said Maynilad President and CEO Ramoncito S. Fernandez.
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 existing 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 IPO will be priced on Oct. 20 and the offering period will run from Oct. 23 to Oct. 29, 2025, with listing at the PSE on Nov. 7, 2025.

Related Tags

Maynilad Water Services Inc. Manila Water Co. Inc. Abacus Securities Corporation
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