Maynilad IPO upsizes to P34.3 billion amid strong market demand

Maynilad Water Services Inc. has activated its upsize option to hit the full volume of its initial public offering (IPO), adding 354.7 million common shares to the offer, in response to market demand.

The IPO aims to raise as much as P34.3 billion, marking the country's largest share sale in four years.

The shares are priced at P15 each, with the offer period running from October 23 to October 29, and are set to be listed on the Philippine Stock Exchange on November 7 under the ticker symbol MYNLD.

Maynilad president and CEO Ramoncito Fernandez expects a successful debut, citing the market's confidence in the company's financial fundamentals and long-term growth prospects.

Maynilad, serving over 10 million customers in western Metro Manila and nearby provinces, will use IPO proceeds for capital expenditures and general corporate purposes.

BPI Capital Corp. is the domestic lead underwriter, while HSBC, Morgan Stanley, and UBS are the international underwriters and joint global coordinators.