Maynilad IPO pushed back to October 2025
Based on the company's updated prospectus, Maynilad is now looking to list on the main board of the Philippine Stock Exchange (PSE) under the trading symbol 'MYNLD' no later than the end of October 2025.
Maynilad moved the timetable from the earlier planned offer period of July 3 to July 9 and listing on July 17, citing potential demand from strategic cornerstone investors.
'These investors have conveyed strong and sustained interest in participating in the offering, but requested additional time to complete their internal approval processes,' it said in a statement.
'The potential participation of these investors is expected to add even more value to Maynilad's public offering and will be viewed positively by all investors and the markets at large,' it added.
The utility provider is set to offer 1,680,317,400 common shares at up to P20 apiece, with an overallotment option of up to 249,047,600 shares and a preferential offer of up to 29,904,800 shares.
It is set to net up to P37.41 billion, should the overallotment option and preferential offer be fully subscribed. Proceeds are set to bankroll the company's capital expenditures, and corporate general purposes.
Maynilad tapped BPI Capital Corp., The Hongkong and Shanghai Banking Corporation Limited (HSBC), Morgan Stanley Asia (Singapore) Pte., and UBS AG, Singapore Branch as joint global coordinators and joint bookrunners for the offer.
Under its franchise signed into law by former President Rodrigo Duterte in December 2021, Maynilad is mandated to offer at least 30% of its outstanding capital stock within five years.
Maynilad currently serves customers in the west zone, which covers the cities of Caloocan, Las Piñas, Makati, Malabon Manila, Muntinlupa, Navotas, Parañaque, Pasay, Quezon, Valenzuela.
It also services certain areas in Cavite such as the cities of Bacoor, Cavite, and Imus; and the towns of Kawit, Noveleta, and Rosario. —AOL, GMA Integrated News
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