Maynilad sets IPO price at P15 per share, aiming for P34.3B

Maynilad Water Services, Inc. has finalized its initial public offering (IPO) price at P15 per share, a confirmation of its previously indicated ceiling that was reduced from P20 after feedback from cornerstone investors.

The company plans to offer a total of 1.66 billion common shares to the public, alongside 24.9 million primary shares allocated for First Pacific Co. Ltd.

Maynilad also has provisions for an overallotment option of up to 249.05 million shares and an upsize option for 354.7 million secondary shares, which could bring the total offer to 2.29 billion shares.

With the P15 per share pricing, the total gross proceeds from the offering could reach P34.3 billion, potentially marking the largest IPO in the Philippines for the year.

The shares will be traded on the Philippine Stock Exchange's Main Board under the ticker symbol MYNLD.

The IPO has attracted interest from institutional investors such as the UK's Mobilist, the International Finance Corp. (IFC), and the Asian Development Bank (ADB), with IFC and ADB considering investments of $100 million and $145 million, respectively.