SEC approves Maynilad IPO aiming to raise P37.41B

The Securities and Exchange Commission (SEC) has approved Maynilad Water Services Inc.'s initial public offering (IPO).

Maynilad will offer up to 1,934,269,800 primary shares and 354,704,200 secondary shares.

The water provider aims to raise up to P37.41 billion from the offering, which could be achieved if the overallotment option and preferential offer are fully subscribed.

The offer includes common shares priced at up to P20 each, with an overallotment option and a preferential offer.

Net proceeds from the offering will be used to fund Maynilad's capital expenditures and general corporate purposes.

BPI Capital Corporation, HSBC, Morgan Stanley, and UBS AG have been appointed as joint global coordinators and joint bookrunners for the offer.

The offer period is scheduled from July 3 to July 9, with the listing on the Philippine Stock Exchange set for July 17.