Maynilad Water Services, Inc. (“Maynilad” or the “Company”) has filed on March 17, 2025 a registration statement with the Securities and Exchange Commission (SEC) and a listing application with the Philippine Stock Exchange (PSE) for its proposed Initial Public Offering (IPO).
The IPO will involve up to 2,457,290,000 common shares (the “Offer Shares”) at a maximum offer price of Php20 per share. The final number of shares and pricing remain indicative and will be determined after the book-building process and the completion of regulatory approvals.
The Offer Shares consist of: 1,775,381,900 primary common shares for public offering, 36,314,600 primary common shares to be offered to First Pacific Company Limited, an Overallotment Option of up to 266,307,300 primary common shares, and an Upsize Option of up to 379,286,200 common shares. This represents 30.45% of Maynilad’s total issued and outstanding capital stock post- IPO.
The shares will primarily be issued by Maynilad, though Maynilad Water Holding Company, Inc. and/or Metro Pacific Investments Corporation (the “Selling Shareholder(s)”) may also sell secondary shares under the Upsize Option, which would proportionally reduce the number of new shares issued.
The IPO will involve the sale of common shares to the public, with proceeds intended to fund Maynilad’s capital expenditure (“CAPEX”) program for 2025-2026 which consists of three major pillars: water CAPEX, wastewater CAPEX, and customer service & information system projects CAPEX. A portion of the proceeds may also be allocated for general corporate purposes.
The final number of shares and pricing will be determined through the book-building process and finalized only after SEC and PSE approval for the IPO. If approved, the indicative timeline targets an offer period from June 25, 2025, to July 2, 2025, with listing on July 10, 2025.
BPI Capital Corporation, HSBC, Morgan Stanley, and UBS are the Joint Global Coordinators and Joint Bookrunners for the IPO. BPI Capital Corporation will also be the Domestic Lead Underwriter.
Maynilad is the water and wastewater services provider for the West Zone of Metro Manila and Cavite, covering 17 cities and municipalities, including Caloocan, Malabon, Navotas, Valenzuela, parts of Quezon City, parts of Manila, parts of Makati, Pasay, Parañaque, Las Piñas, and Muntinlupa—all in Metro Manila; the cities of Cavite, Bacoor and Imus, and the municipalities of Kawit, Rosario and Noveleta—all in Cavite Province. Maynilad’s corporate office is located at the Maynilad Building, MWSS Complex, Katipunan Ave., Pansol, Quezon City, 1119, Philippines. For inquiries, contact (+632) 8 981 3333 or visit www.mayniladwater.com.ph.
Disclaimer:
A REGISTRATION STATEMENT RELATING TO THESE SECURITIES HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, BUT HAS NOT YET BECOME EFFECTIVE. THESE SECURITIES MAY NOT BE SOLD NOR OFFERS TO BUY THEM BE ACCEPTED PRIOR TO THE TIME THE REGISTRATION STATEMENT IS RENDERED EFFECTIVE. THIS COMMUNICATION SHALL NOT CONSTITUTE AN OFFER TO SELL OR BE CONSIDERED A SOLICITATION TO BUY.
A preliminary prospectus for these securities may be obtained from https://www.mayniladwater.com.ph which is subject to completion or amendment without notice. The preliminary prospectus also contains the information required to be stated in any notice, circular, advertisement, letter or other forms of communication that will be published or transmitted to any person after a registration statement has been filed under Rule 8.3.1 of the 2015 Implementing Rules and Regulations of the Securities Regulation Code of the Philippines and which information is incorporated by reference in this communication.
