Maynilad listing set in November, hopes to raise P33.7-B

West zone concessionaire Maynilad Water Services Inc. is now set to push through with its stock market debut, with the offer period pushed back by a week and the listing scheduled in November, based on its updated prospectus.

In its preliminary prospectus dated October 3, 2025, Maynilad said the offer period will be from October 23, 2025 to October 29, 2025, at an offer price of up to P20.00 per share, to raise up to P33.704 billion in total gross proceeds in its initial public offering (IPO).

Final pricing will be determined on October 20, 2025, with the shares set to be listed on the PSE Main Board under the ticker symbol “MYNLD” on November 7, 2025.

The company is set to offer 1.660 billion common shares to the public, and up to P24.904 million primary common shares to First Pacific Company Limited. It will also have an overallotment option of up to 249.047 million primary common shares, and subject to an upsize option of 354.704 million secondary common shares.

Maynilad expects P32.529 billion in net proceeds from the offer, which will then be used for the company’s required capital expenditure, and for general corporate purposes.

“We are proud to reach this point in Maynilad’s story. Our journey has always been guided by a clear mission — to deliver safe, sustainable, and reliable water and wastewater services to our customers,” Maynilad president and chief executive officer Ramoncito Fernandez said in a statement.

“The submission of our preliminary prospectus marks another step in that mission, as we open the door for broader public participation while continuing to comply with all regulatory processes,” he added.

Maynilad earlier planned to list on July 17, but this was pushed back to October, to give cornerstone investors more time to complete internal processes for them to participate.

The company 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.

It also tapped BPI Capital as its domestic lead underwriter, with Maybank Securities Pte. Ltd., BDO Capital & Investment Corp., First Metro Investment Corp., Security Bank Capital Investment Corp., and East West Banking Corp. as its joint lead underwriters.

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, Valenzuela and Quezon City.

It also services certain areas in Cavite such as the cities of Bacoor, Cavite, and Imus; and the towns of Kawit, Noveleta, and Rosario. —Jon Viktor D. Cabuenas/RF, GMA Integrated News