Maynilad extends IPO timetable to November

Cornerstone investors given more time to assess company

MANILA, Philippines —  Maynilad Water Services Inc. is moving to November its target listing on the Philippine Stock Exchange (PSE) to give investors more time to assess the company.

Maynilad has notified the Securities and Exchange Commission and the PSE of the revised timetable for its highly anticipated P45.77-billion initial public offering (IPO).

The West Zone concessionaire said it is now targeting a listing date of not later than Nov. 7, 2025, instead of the previous target listing date of end-October.

“Following the accommodation of cornerstone investors for the IPO, the corporation is extending the IPO timetable to allow more time for investor education, ensuring that investors gain a deeper understanding of the corporation and its business model for more informed investment decisions,” Maynilad said.

Maynilad’s maiden offering will be the second IPO in the country for the year, following Top Line Business Development Corp.’s P732.6 million IPO in April.

The company’s offer shares will comprise up to 1.93 billion unissued common shares to be offered and issued by the company by way of primary offer and up to 354.70 million secondary common shares to be offered by Maynilad Water Holding Co. Inc.

The firm shares will be offered at a price of up to P20 apiece.

Based on the company’s preliminary prospectus draft as of Aug. 28, 2025, Maynilad was looking at an offer period from Oct. 16 to Oct. 22, with listing on the PSE eyed on Oct. 30.

Maynilad plans to use the net proceeds from the firm shares, the reserved shares, and the overallotment option shares, if any, for capital expenditures and general corporate purposes.

The company originally aimed to be listed on the main board of the PSE on July 17 under the trading symbol “MYNLD.”

However, the previous target listing date was adjusted to be no later than the end of October to accommodate robust potential demand from strategic cornerstone investors.

BPI Capital Corp., the Hongkong and Shanghai Banking Corp. Ltd., Morgan Stanley Asia (Singapore) Pte. and UBS AG Singapore Branch were tapped as joint global coordinators and joint bookrunners for the offer.

Maynilad, whose new franchise became effective on Jan. 22, 2022, has until January 21, 2027, to list its shares.

Maynilad, the concessionaire of the government in providing water services in the West Zone of Metro Manila, is jointly owned by Metro Pacific Investments Corp. (MPIC), DMCI Holdings of the Consunji family and Marubeni Corp. of Japan.

MPIC owns about 53 percent of the water utility firm, while DMCI and Marubeni hold 25 percent and 20 percent, respectively.