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Manila Bulletin devider Business devider The Stock Market devider Maynilad adds ₱5.3 billion more to IPO due to high demand

Maynilad adds ₱5.3 billion more to IPO due to high demand

Published Oct 24, 2025 04:26 pm

Metro Manila’s West Zone concessionaire Maynilad Water Services, Inc. has decided to exercise in full the ₱5.32 billion upsize portion of its ₱34.33 billion initial public offering in response to strong investor demand for the firm’s stock.
In a statement, Maynilad said that, after the start of the company’s IPO offer period on Oct. 23, the Joint Global Coordinators and Joint Bookrunners, in consultation with Maynilad and its parent company, Maynilad Water Holding Co., Inc., have elected to exercise the upsize option.
As a result, an additional 354.7 million common shares will be offered as part of the IPO by Maynilad Water Holding also at the IPO price of ₱15 per share.
“We believe that the decision to exercise the upsize option in full reflects the market’s confidence that Maynilad is a company with strong financial fundamentals and is primed for long-term growth,” Maynilad President and CEO Ramoncito S. Fernandez.
He added that, “We look forward to making our listing day a successful milestone with our shareholders.” Listing day has been set for Nov. 7, 2025.
Maynilad is offering to the public 1.66 billion common shares and 24.9 million shares to First Pacific Co. Ltd., with an overallotment option of up to 249.05 million primary common shares and subject to the exercise of an upsize option of up to 354.7 million secondary common shares to be offered by shareholder, Maynilad Water Holding.
Proceeds from the offer will be used to fund Maynilad’s capital expenditures requirements and for general corporate purposes. Maynilad will not receive any proceeds from the sale of MWHCI’s shares in the event that the upsize option is exercised.
BPI Capital Corp. is serving as the domestic lead underwriter for the offering. UBS AG Singapore Branch, HSBC Ltd., and Morgan Stanley Asia (Singapore) Pte., together with the Domestic Lead Underwriter, are the joint global coordinators and joint bookrunners.
Maybank Securities Pte. Ltd. is a Joint Lead Underwriter. First Metro Investment Corp., BDO Capital & Investment Corp., and Security Bank Capital Investment Corp. are the domestic co-lead underwriters, while East West Banking Corp. is a domestic participating underwriter.
The International Finance Corp. (IFC) and Asian Development Bank (ADB) are the lead cornerstone investors of the IPO.
The domestic cornerstone investors that have confirmed their participation in the offer are: BPI Asset Management and Trust Corp., Metropolitan Bank & Trust Co. – Trust Banking Group, BDO Capital & Investment Corp., and Security Bank Corp. – Trust and Asset Management Group.
The International cornerstone investors are: abrdn Malaysia Sdn. Bhd; The United Kingdom Foreign, Commonwealth, and Development Office; Maven Investment Partners Ltd – Hong Kong Branch; Maybank Asset Management Singapore Pte. Ltd.; Robeco Switzerland Ltd.; and QRT Master Fund SPC – Torus Fund SP.

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Maynilad Water Services Inc. Ramoncito S. Fernandez
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