The listing of Maynilad Water Services Inc. at the Philippine Stock Exchange, following its ₱34.33 billion initial public offering, is expected to inject renewed interest into the local equities market and propel the growth of the benchmark index by approximately 10 percent from its current level.

In a media briefing for Security Bank Capital’s 30th anniversary, SB Capital President and CEO Virgilio O. Chua said, “Our house view is that it will actually improve to about 6,600 to 6,700... And the impetus for that will be the Maynilad IPO, and that it will actually bring renewed interest to the market.”

“We’re hoping that the Maynilad IPO does well post-listing and that will actually encourage issues to come out again and investors to invest, to buy shares. We’re bullish about that IPO because it’s been quite a significant IPO,” he added.

SB Capital Coverage and Organization Team Head Maria Margarita Antoinette C. Lee said, “We're very positive and excited for the upcoming IPO, notwithstanding all the issues on corruption, on the construction projects.”

“They were able to push through with the book building and price the IPO... to achieve ₱15 per share, and it is oversubscribed on the over subscription volume.

“So we see that there's still a lot of interest, especially from foreign investors. We have good quality cornerstone investors coming in, such as IFC (International Finance Corporation) and ADB (Asian Development Bank), and we believe that Maynilad will also be performing well in the secondary market,” she noted.

Chua said that the capital market is currently being dominated by fixed income securities issuances as well as equity in the form of preferred shares, which are quasi-equity instruments.

“For the whole year, we're looking at about five perpetual preferred share issuances, and the volume has grown significantly by about 28 percent. I think we're ending the year with about ₱67 billion in preferred shares,” Chua said.

However, for 2026, he said, “we're hoping that we'll see more and more common share listings” as investors begin to find equities more attractive amid declining interest rates.

But, Chua noted that they still see continued strength in fixed income issuances as lower interest rates will spur companies to refinance debt and fund capital expenditures through bonds.

From 2022 to 2024, Security Bank completed and helped arrange over ₱1.7 trillion worth of bond issuances—providing long-term funding for renewable energy, real estate, infrastructure, financial services, and the national government.

It also closed approximately ₱362 billion in private and project finance deals, including landmark renewable energy, water, and digital infrastructure projects.

Ranked among the top five investment banks in both debt and equity capital markets, Security Bank Capital continues to guide Philippine enterprises toward responsible, sustainable growth.

“As we look to the future, our focus remains clear: to be the preferred partner for sustainable finance in the Philippines,” Chua said.