Philstar.com
October 23, 2025 | 12:35pm
MANILA, Philippines — Maynilad Water Services Inc., the Philippines’ largest private water concessionaire, opened its initial public offering (IPO) on Thursday, October 23, aiming to raise as much as P34.3 billion in what would be the country’s biggest market debut in four years.
The offering, priced at P15 a share, runs until October 29 ahead of a planned listing on the Philippine Stock Exchange on November 7, the company said. The deal follows approval from regulators earlier this month.
Maynilad, with trading symbol MYNLD, is offering 1.66 billion common shares and 24.9 million primary shares to First Pacific Co. Ltd., with an overallotment option of up to 249 million shares and an upsize option of 354.7 million secondary shares.
The transaction values the firm at about P151 billion if all options are exercised.
Proceeds from the IPO will go toward capital expenditures and general corporate purposes, the company said in a statement.
Maynilad, which supplies water to western Metro Manila and nearby provinces, counts Metro Pacific Investments Corp. and DMCI Holdings Inc. among its major shareholders.
The utility said the funds would support system expansion and infrastructure upgrades to meet growing demand in its service areas. The firm serves more than 10 million customers across its franchise area.
The International Finance Corp. and the Asian Development Bank have joined as cornerstone investors, alongside domestic and international institutions such as BDO Capital, BPI Asset Management, abrdn Malaysia, and Maybank Asset Management Singapore.
BPI Capital is the domestic lead underwriter, while HSBC, Morgan Stanley, and UBS serve as joint global coordinators.
Largest listing since 2021. The share sale is the largest since Monde Nissin Corp.’s IPO in 2021 and is expected to test investor appetite.
If successful, the offering will mark a milestone for Manila’s capital markets, which have seen relatively few large listings since the pandemic.