The initial public offering of Maynilad Water Services Inc. is expected to proceed this month after the firm has secured commitments from cornerstone investors who will take up over half of the offered shares.

On the sidelines of the 57th Finex Annual Conference, Maynilad Chairman Manuel V. Pangilinan said “it’s going pretty well so far... I think they (cornerstone investors) should get between $500 million and $600 million (worth of shares).”

He added that this will likely be priced at ₱15 per share since “that’s what we’re aiming for.”

For his part, Maynilad Vice Chairman Isidro A. Consunji said that, based on regular updates, “here doesn’t seem to be any problem (with the IPO)” and there is no indication that it will not push through.

Informed sources said the cornerstone investors will be taking up more than 50 percent of the offered shares, equivalent to about 30 percent of Maynilad’s outstanding shares post-IPO.

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 Co. 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.

If all shares are subscribed at ₱20 each, the gross proceeds will amount to ₱45.8 billion or $785 million. Meanwhile, an offering price of ₱15 per share will yield gross proceeds of ₱34.35 billion or $588 million.

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.

Based on Maynilad’s latest prospectus, cornerstone investors will be led by the International Finance Corporation and the Asian Development Bank.

Maynilad said it has also signed cornerstone investment agreements with 10 more international and domestic institutions led by the UK’s Foreign, Commonwealth and Development Office, acting through its Mobilising Capital through Listed Products (MOBILIST).

The international cornerstone investors are led by MOBILIST and include 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 Corporation, Metropolitan Bank & Trust Company, BDO Capital & Investment Corporation, and Security Bank Corporation-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.

Each Cornerstone Investment Agreement contains certain conditions precedent to the relevant Cornerstone Investor’s obligation to subscribe for Offer Shares, including but not limited to, the Domestic Underwriting Agreement and the International Purchase Agreement not having been terminated.

IFC is investing up to $100 million at a subscription price of up to ₱15.00 per share, while ADB is considering an investment of $145 million, also at a maximum of ₱15.00 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.