Maynilad postpones IPO to October amid investor needs

Maynilad Water Services Inc. has postponed its P37.41-billion initial public offering (IPO) to no later than end-October from its initial schedule of July 17.

The water concessionaire cited potential demand from cornerstone investors who requested more time to finalize their internal approval processes as the reason for the delay.

Analysts also suggest the delay reflects efforts to optimize pricing conditions amid weaker market sentiment caused by global geopolitical tensions, such as the United States' strike on Iran.

Maynilad serves the West Zone of Metro Manila under the Metropolitan Waterworks and Sewerage System (MWSS).

The company has officially informed the Securities and Exchange Commission and the Philippine Stock Exchange about the revised timeline for its market debut, where it will list under the trading symbol "MYNLD".

The IPO will involve the sale of 1.93 billion primary shares and 354.7 million secondary shares, with a price cap of P20 per share.