Maynilad confirms one cornerstone investor for P45.8B IPO, postpones listing to October

Maynilad Water Services, Inc. announced on Monday that one of its two intended cornerstone investors has confirmed participation in its P45.8-billion initial public offering (IPO).

The company postponed the IPO listing from July 17 to no later than October due to potential interest from cornerstone investors.

Chairman Manuel V. Pangilinan said Maynilad aims to secure approval from both cornerstone investors, with one already confirmed and hopes for the other by September.

Maynilad's IPO includes 1.93 billion primary shares and 354.7 million secondary shares priced up to P20 each, which could raise as much as P37.41 billion in net proceeds.

Proceeds from the IPO will be allocated for capital expenditures and general corporate purposes, with Maynilad not receiving any proceeds from the sale of secondary shares.

BPI Capital Corp., Hongkong and Shanghai Banking Corp. Ltd., Morgan Stanley Asia (Singapore) Pte., and UBS AG, Singapore Branch are serving as joint global coordinators and bookrunners for the offering.