Maynilad delays IPO to accommodate cornerstone investors

Upgrade to High-Speed Internet for only ₱1499/month!

Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.

Visit Suniway.ph to learn

June 24, 2025 | 12:00am

MANILA, Philippines — West Zone concessionaire Maynilad Water Services Inc. is adjusting its proposed initial public offering (IPO) timetable to accommodate demand from potential cornerstone investors.

Maynilad has submitted an updated timetable to the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE), with its target listing date now eyed to be no later than end of October.

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

The updated proposed IPO timetable of the water utility was in response to robust potential demand from strategic cornerstone investors.

Maynilad said these investors have conveyed strong and sustained interest in participating in the offering, but requested additional time to complete their internal approval processes.

The company said the potential participation of these investors is expected to add even more value to its offering and will be viewed positively by all investors and the markets at large.

Maynilad assured that it continues to coordinate with regulators and is proceeding with all necessary requirements for the IPO.

The proposed IPO remains subject to the issuance of the SEC order of registration and certificate of permit to offer securities for sale, as well as full compliance with regulatory conditions.

The company’s maiden offering covers 1.93 billion primary shares and 354.7 million secondary shares.

Maynilad intends to offer to the public up to 1.66 billion common shares at up to P20 apiece, with an overallotment option of up to 249.05 million shares and a preferential offer of up to 24.9 million shares.

The secondary shares that are part of the offer will be sold by the company’s shareholder, Maynilad Water Holding Co. Inc.

Assuming the overallotment option and preferential offer are fully subscribed, the SEC said that Maynilad could net up to P37.41 billion from the IPO.

The company will use proceeds to fund capital expenditures and for corporate general purposes.

BPI Capital Corp. serves as the domestic lead underwriter, while The Hongkong and Shanghai Banking Corp. Ltd, Morgan Stanley Asia (Singapore) Pte. and UBS AG, Singapore Branch act as the international underwriters.

Recently, Maynilad also secured approval for a 10-year extension of its revised concession agreement.

Last week, the Economy and Development Council approved the request of the Metropolitan Waterworks and Sewerage System to extend the concession to Jan. 21, 2047.

Maynilad said it views the extension as an affirmation of the company’s fundamentals and long-term prospects and supports the company’s move for an IPO.

Maynilad is the concessionaire of the government in providing water services in the West Zone of Metro Manila. It is jointly owned by Metro Pacific Investments Corp. (53 percent), DMCI Holdings of the Consunji family (25 percent) and Marubeni Corp. of Japan (20 percent).