The Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) of Maynilad Water Services Inc., marking a significant corporate milestone for the West Zone water concessionaire and setting the stage for one of the year’s largest public offerings in the country.
The IPO is expected to raise as much as ₱37.41 billion, assuming full subscription of the base offer, over-allotment, and preferential shares. Maynilad will offer up to 1.66 billion common shares priced at up to ₱20 each, with an over-allotment option of 249.04 million shares and a preferential offer of 24.9 million shares. The offer includes 1.93 billion primary shares and 354.7 million secondary shares, the latter to be sold by Maynilad Water Holding Co. Inc.
While the company will not receive proceeds from the secondary shares, it plans to channel IPO earnings toward capital expenditures and general corporate purposes. Maynilad president Ramoncito Fernandez said the firm is maintaining its medium-term capital spending program of ₱160 billion, with over ₱30 billion earmarked for 2025. Roughly 30 percent of that is allocated for wastewater treatment expansion.
The offer period runs from 3 to 9 July, with shares set to debut on the main board of the Philippine Stock Exchange on 17 July. The IPO is being managed by a consortium of major financial institutions: BPI Capital Corporation, HSBC, Morgan Stanley Asia (Singapore) Pte., and UBS AG (Singapore Branch) serve as joint global coordinators and bookrunners.
Maynilad’s move to go public aligns with a legislative requirement for a public float by 2027. The company sees favorable market conditions, with Fernandez noting a “much better” 2025 outlook driven by economic growth, stronger water supply due to La Niña, and positive impact from recent infrastructure projects.
