Maynilad revises IPO size to P45.8 billion

Maynilad Water Services, Inc. has reduced its initial public offering (IPO) size to P45.8 billion, citing preliminary positive investor feedback despite earlier reports of weaker-than-expected demand and market volatility.

The revised IPO will offer up to 2.3 billion common shares, a decrease from the initially planned 2.46 billion shares, while the maximum price per share remains at P20.

Maynilad will announce the final price of its IPO on June 30, with the offer period scheduled from July 3 to July 9 and a target listing on the Philippine Stock Exchange (PSE) on July 17 under the ticker "MYNLD".

This offering is set to be smaller than the P48.6-billion market debut of Monde Nissin Corp. in 2021.

Under its concession agreement with the Metropolitan Waterworks and Sewerage System, Maynilad must offer at least 30 percent of its shares to the public by January 2027, and the current IPO still represents at least 30% of its outstanding capital stock.

The company stated that the IPO's upsize option now consists solely of secondary shares.