Maynilad Water Services, Inc. (“Maynilad”) on Monday filed with the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE) its proposed initial public offering (IPO), marking a milestone in the company’s growth strategy. The water services provider for the West Zone of Metro Manila and Cavite plans to offer up to 2.46 billion common shares, with a maximum offer price of P20 per share.
The IPO will see a mix of primary and secondary shares, with Maynilad offering 1.78 billion shares to the public and up to 379 million additional shares under an upsize option. After the IPO, the company will have 30.45 percent of its capital stock in public hands. Proceeds from the sale are expected to fund a comprehensive capital expenditure program for 2025-2026, which includes investments in water, wastewater, and customer service systems.
If approved and the book building succeeds, the exercise will be the largest on record, larger than that established by SM Investments Corp. in 2002 that raised P38.8 billion, according to observers.
Maynilad’s decision to go public underscores its strategy to strengthen its infrastructure and enhance service delivery in its extensive service areas across Metro Manila and Cavite. The IPO is set to offer both institutional and retail investors a chance to buy into one of the country’s leading utility providers.
The company’s financial advisors for the IPO include BPI Capital Corporation, HSBC, Morgan Stanley, and UBS. The target offer period for the IPO is from 25 June to 2 July 2025, with shares expected to list on the PSE on 10 July 2025.
Prior to this event, Maynilad regularly issued bonds and other debt instruments to raise capital funds for infrastructure development such as the P6.5 billion fixed rate bond in 2019. Maynilad also benefited from investments by major stockholders as Metro Pacific Investments Corp. and the First Pacific Company Limited making sure it has funds to finance its operations and expansion requirements. It has also reinvested a portion of its earnings to support an ongoing infrastructure buildup program.
The IPO, observers said, is seen to draw significant attention in the stock market, reflecting investor confidence in Maynilad’s robust growth prospects and its critical role in Metro Manila’s water infrastructure.
