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Manila Bulletin devider Business devider The Stock Market devider First Pacific to invest ₱726 million in Maynilad's ₱49 billion IPO

First Pacific to invest ₱726 million in Maynilad's ₱49 billion IPO

Published Mar 17, 2025 08:02 am

Manuel V. Pangilinan-led First Pacific Co. Ltd. is directly investing ₱726.29 million in Maynilad Water Services Inc. through its ₱49 billion initial public offering (IPO) to offset a small portion of the dilution in the stake of subsidiary Metro Pacific Investments Corp. (MPIC).

Maynilad IPO..png

In a statement, Maynilad said it has filed on March 17, 2025, a registration statement with the Securities and Exchange Commission (SEC) and a listing application with the Philippine Stock Exchange (PSE) for its proposed IPO.

The IPO will involve up to 2.46 billion Maynilad common shares, or offer shares, at a maximum offer price of ₱20 per share. The final number of shares and pricing remain indicative and will be determined after the book-building process and the completion of regulatory approvals.

The offer shares consist of 1.78 billion primary or new common shares for public offering, 36.31 million primary common shares to be offered to Hong Kong-based First Pacific, an overallotment option of up to 266.31 million primary shares, and an upsize option of up to 379.29 million common shares.

mvp-manuel pangilinan.png

This represents 30.45 percent of Maynilad’s total issued and outstanding capital stock post-IPO. Currently, 93.56 percent of Maynilad is owned by Maynilad Water Holding Co. Inc., which is a partnership between MPIC (51.27 percent), DMCI Holdings Inc. (27.19 percent), and Marubeni Corp. (21.54 percent).

The IPO shares will primarily be issued by Maynilad, although Maynilad Water Holding and MPIC may also opt to sell secondary shares under the upsize option, which would proportionally reduce the number of new shares issued.

Proceeds from the offering of new shares will be used to fund Maynilad’s capital expenditure (capex) program for 2025 to 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 final number of shares and pricing will be determined through the book-building process and finalized only after SEC and PSE approval for the IPO.

If approved, the indicative timeline targets an offer period from June 25, 2025, to July 2, 2025, with listing on July 10, 2025.

BPI Capital Corp., HSBC, Morgan Stanley, and UBS are the joint global coordinators and joint bookrunners for the IPO. BPI Capital will also be the domestic lead underwriter.

Maynilad is the water and wastewater services provider for the West Zone of Metro Manila and Cavite, covering 17 cities and municipalities, including Caloocan, Malabon, Navotas, Valenzuela, parts of Quezon City, parts of Manila, parts of Makati, Pasay, Parañaque, Las Piñas, and Muntinlupa—all in Metro Manila; and the cities of Cavite, Bacoor and Imus, and the municipalities of Kawit, Rosario and Noveleta—all in Cavite province.

Related Tags

First Pacific Company Limited Maynilad Water Services Inc. MARUBENI CORPORATION Metro Pacific Investments Corporation DMCI Holdings Inc.
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