Marcos Jr. leads ringing ceremony for Maynilad's record P34.3B IPO

President Ferdinand Marcos Jr. led the bell-ringing ceremony for Maynilad Water Services Incorporated's (MYNLD) initial public offering (IPO) at the Philippine Stock Exchange (PSE).

Maynilad's IPO raised P34.3 billion, making it the largest public offering since Monde Nissin in 2021 and the second-largest in PSE's history.

On its first day of trading, Maynilad's shares opened at P15, matching the IPO price, but closed slightly lower at P14.98.

Despite closing in the red, the stock outperformed the benchmark index, which fell 1.31%.

Maynilad president and chief executive officer Ramoncito Fernandez stated the share sale fulfills a term of the company's amended legislative franchise and enables long-term expansion plans.

Backed by 12 cornerstone investors, including the International Finance Corp. and Asian Development Bank, MYNLD's listing was the country's largest and final IPO of the year.

The water concessionaire will utilize the IPO proceeds to fund capital expenditure requirements and for general corporate purposes.