Maynilad Water Services Inc.’s upcoming initial public offering, slated for next month, is expected to lift investor sentiment in the local equities market, amid easing interest rates.
The P34-billion share sale—set to become the country’s second-largest IPO—has drawn strong demand, with Security Bank Capital Investment Corp. President Virgilio Chua expressing optimism that its success could reignite activity among both issuers and investors.
“We’re bullish about the IPO. If it performs well post-listing, it could encourage others to follow suit,” Chua said during SB Capital’s 30th anniversary briefing.
Maria Margarita Antoinette Lee, SB Capital’s head of coverage and origination, confirmed that the offering is already oversubscribed, despite broader market concerns.
“There’s strong foreign investor interest, with key commitments from institutions like the IFC and ADB,” she noted.
Maynilad’s IPO is only the second debut this year, following Top Line Business Development Corp., and has helped raise the Philippine Stock Exchange’s total fundraising to over three times last year’s P11.9 billion.
While upbeat on equities prospects, Chua noted the pipeline for 2025 remains uncertain, with major names like GCash and SM Prime deferring their IPO and REIT plans, respectively. However, he remains hopeful improved market sentiment could revive stalled listings.
In the bond market, Chua said 11 issuers tapped capital this year, slightly down from 12 last year, with most being repeat issuers. SB Capital is preparing to bring in a new name via a maiden retail bond issue.
Since its founding in 1995, SB Capital has arranged over P1 trillion in funding across key sectors, contributing to the country’s economic growth and development.
