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Manila Bulletin devider Business devider The Stock Market devider Maynilad sets IPO price at ₱15 per share

Maynilad sets IPO price at ₱15 per share

Published Oct 20, 2025 06:06 pm
Maynilad Water Services Inc. has priced its initial public offering (IPO) at ₱15 per share, lower than its adjusted indicative price of ₱20 apiece but at the maximum price its leading cornerstone investors were willing to pay.
The setting of the final offering price, which puts the IPO size at a maximum of ₱34.35 billion, was first reported by InsiderPH and confirmed by stock market sources with one citing a banker involved in the deal.
Last week, Maynilad Chairman Manuel V. Pangilinan already said that the IPO would likely be priced at ₱15 per share since “that’s what we’re aiming for.”
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 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.
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 includes abrdn Malaysia Sdn Bhd, Maven Investment Partners Ltd-Hong Kong Branch, Maybank Asset Management Singapore Pte. Ltd., Robeco Switserland 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 have 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 share while ADB is consider 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 have been disclosed for the other cornerstone investors.

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Maynilad Water Services Inc. Manuel V. Pangilinan
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