SEC OKs Maynilad's IPO, targets P45.8B listing by July 17

The Securities and Exchange Commission (SEC) has approved Maynilad Water Services Inc.'s initial public offering (IPO), set to raise up to P45.8 billion and list on the Philippine Stock Exchange by July 17.

Maynilad will offer up to 1,660,317,400 common shares priced at up to P20 each during the IPO period from July 3 to July 9, with an overallotment option for up to 249,047,600 shares and a preferential offer of up to 24,904,800 shares.

If fully subscribed, Maynilad could generate up to P37.41 billion in net proceeds from the IPO, which will be used for funding capital expenditures and general corporate purposes.

The water concessionaire serves the West Zone of the Metropolitan Waterworks and Sewerage System service area, encompassing 540 square kilometers and including 17 cities and municipalities in Metro Manila and Cavite Province.

BPI Capital Corporation, The Hongkong and Shanghai Banking Corporation Limited, Morgan Stanley Asia (Singapore) Pte., and UBS AG, Singapore Branch have been appointed as joint global coordinators and joint bookrunners for the offer.