Maynilad sets final IPO price at P15 per share

MANILA, Philippines — Maynilad Water Services Inc. has finalized the offer price for its upcoming initial public offering (IPO) at P15 per share, potentially raising up to P34.3 billion.

The final price is lower than the previously indicated maximum of P20 per share.

Maynilad said the offer price was determined through a book building process and discussions among the company, joint global coordinators and joint bookrunners.

“The gross proceeds from the offer will be P34.33 billion, assuming the full exercise of the overallotment option and the upsize option, as detailed in the use of proceeds section of the prospectus for the offer,” the company said.

Maynilad will be selling up to 1.66 billion primary common shares to the public and a preferential offer of up to 24.90 million primary common shares to First Pacific Co. Ltd. from Oct. 23 to 29, 2025.

The IPO will also have an overallotment option shares of up to 249.05 million primary common shares and an upsize option of up to 354.70 million secondary common shares.

Proceeds from the sale of primary shares will be used by the company for its capital expenditure program for water, wastewater and customer service information system projects, as well as for general corporate purposes.

Maynilad is targeting to debut on the Philippine Stock Exchange (PSE) on Nov. 7 under the trading symbol “MYNLD.”

The IPO has so far attracted international cornerstone investors, with International Finance Corp. and the Asian Development Bank serving as lead cornerstone investors.

Also participating in the offer are United Kingdom’s Foreign, Commonwealth and Development Office, acting through its Mobilising Capital through Listed Products (MOBILIST); abrdn Malaysia Sdn. Bhd., a fund management company incorporated under the laws of Malaysia providing asset management services; Maven Investment Partners Ltd., a proprietary trading firm incorporated under the laws of England and Wales; the Maybank Group’s fund management arm Maybank Asset Management Singapore Pte. Ltd.; global asset management firm Robeco Switzerland Ltd. and QRT Master Fund–Torus Fund SP.

Joining as domestic cornerstone investors are BDO Capital and Investment Corp., BPI Asset Management and Trust Corp., Metropolitan Bank & Trust Co. and Security Bank Corp.-Trust and Asset Management Group.

Maynilad’s IPO will be the second company to list on the PSE this year, following Top Line Business Development Corp.’s P732.6 million IPO in April.

As global headwinds keep the Philippine IPO market quiet from 2024 to 2025 with companies and investors treading carefully, investment house Unicapital Group said that opportunities remain in sectors such as infrastructure, energy, health care, education, consumer, financial and tech-enabled services.

Unicapital said that IPO success in the current environment depends less on chasing fleeting market conditions and more on early and disciplined preparation.

“An IPO isn’t just a financial decision, it’s a transformation of your business. By focusing on internal readiness and laying strategic groundwork during market slowdowns, companies can position themselves to seize the moment and maximize valuations as opportunities arise,” Unicapital senior vice president for investment banking Pamela Victoriano said.

Unicapital said that going public is not the finish line but the start of a new chapter as public companies face elevated standards once listed.

“Listing is just the beginning. What matters is building a legacy that thrives beyond IPO day, and that starts with strong governance, a clear growth story and the right team,” Victoriano said.