NOT FOR PUBLIC RELEASE, PUBLICATION OR DISTRIBUTION, OUTSIDE THE PHILIPPINES, INCLUDING DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
West Zone concessionaire Maynilad Water Services Inc. (“Maynilad” or the “Company”) announces that the Company has commenced the offer period for its initial public offering (“IPO”) following receipt of the Permit to Sell from the Philippine Securities and Exchange Commission. The offer period will run from [October 23, 2025 to October 29, 2025].
On October 20, 2025, the price of each share to be offered and sold through the IPO was finally determined at ₱15.00. Maynilad is expected to list its shares on the Philippine Stock Exchange, Inc.’s Main Board on November 7, 2025 under the trading symbol “MYNLD.”
BPI Capital Corporation serves as the Domestic Lead Underwriter for the IPO, while The Hongkong and Shanghai Banking Corporation Limited, Morgan Stanley Asia (Singapore) Pte., and UBS AG, Singapore Branch act as the International Underwriters (collectively, the “Joint Global Coordinators and Joint Bookrunners”).
The International Finance Corporation (“IFC”) and Asian Development Bank (“ADB”) are the lead cornerstone investors of the IPO. The domestic and international cornerstone investors that have confirmed their participation in the offer are the following:
- Domestic cornerstone investors
- BDO Capital & Investment Corporation;
- BPI Asset Management and Trust Corporation;
- Metropolitan Bank & Trust Company – Trust Banking Group; and
- Security Bank Corporation – Trust and Asset Management Group;
- International cornerstone investors
- abrdn Malaysia Sdn. Bhd.;
- The United Kingdom Foreign, Commonwealth, and Development Office;
- Maven Investment Partners Ltd – Hong Kong Branch;
- Maybank Asset Management Singapore Pte. Ltd.;
- Robeco Switzerland Ltd.; and
- QRT Master Fund SPC – Torus Fund SP.
Maynilad’s IPO relates to the offer and sale to the public of 1,660,317,400 common shares and to First Pacific Company Limited of 24,904,800 primary common shares, with an overallotment option of up to 249,047,600 primary common shares and subject to the exercise of an upsize option of up to 354,704,200 secondary common shares to be offered by our shareholder, Maynilad Water Holding Company, Inc. (“MWHCI”) (the “Offer”).
Proceeds from the Offer will be used to fund Maynilad’s capital expenditures requirements and for general corporate purposes. Maynilad will not receive any proceeds from the sale of MWHCI’s shares in the event that the upsize option is exercised.
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Maynilad IPO Prospectus
Copies of the Final Prospectus dated October 20, 2025 may be accessed within the Philippines at https://www.mayniladwater.com.ph/wp-content/uploads/2025/10/MYNLD-Final-Prospectus-as-of-October-20-2025-Executed.pdf
About Maynilad
Maynilad is a pure-play and integrated primary provider of sustainable water and wastewater services for the “West Zone”, which spans across 11 cities in Metro Manila, three of which it partially covers, as well as three cities and three municipalities in the Cavite Province in the Philippines. Maynilad’s business address is at the Maynilad Building, MWSS Complex, Katipunan Avenue, Pansol, 1119 Quezon City Philippines. Maynilad’s telephone number is (+632) 8 920 5485, and its corporate website is https://www.mayniladwater.com.ph.
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This announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States or in any other jurisdiction where it is unlawful to do so. Any securities to which this announcement relates may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Neither the Company nor any seller of any such securities intends to register any portion of any offering in the United States or to conduct a public offering of securities in the United States. No money, securities or other consideration is being solicited by this communication or the information contained herein and, if sent in response to this communication or the information contained herein, will not be accepted.
This communication is provided for your reference only. Any forwarding, distribution, publication, or reproduction of this communication in whole or in part, or disclosure of any information contained herein, or any use of such information by any other person for any other purpose, is unauthorized. The information herein is accurate as of the date this communication is sent to you. There is no obligation to subsequently correct or update such information.
