Marcos Jr. leads bell-ringing for Maynilad's P34.3 billion IPO

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

Maynilad's IPO, which raised P34.3 billion, is the largest public offering since food and beverage firm Monde Nissin in 2021 and the second-largest in PSE's history.

The water concessionaire is now listed on the PSE under the ticker symbol "MYNLD" after offering 1.6 billion primary common shares priced at P15 apiece.

The offer was 2.7 times oversubscribed, attracting cornerstone investors including the Asian Development Bank, the International Finance Corporation, and the United Kingdom's Foreign, Commonwealth and Development Office.

President Marcos expressed hope that Maynilad's entry into the stock market will draw more investments into the local market.

He also stated that Maynilad's public listing signifies a "sign of confidence in our markets and in our people," emphasizing transparency and accountability.

Maynilad will utilize the proceeds from its IPO to fund capital expenditure requirements and for general corporate purposes, enabling long-term expansion plans for its water and wastewater businesses.