In a regulatory submitting on Friday, the corporate mentioned its board of administrators had accepted plans to promote as much as 2.46 billion widespread shares at as a lot as P20 every.
The IPO will encompass a base provide of as much as 1.81 billion shares, with an overallotment possibility of as much as 266.31 million shares in case of excessive demand. Maynilad may additionally upsize its provide by as a lot as 379.3 million shares.
Ought to the West Zone concessionaire’s IPO worth attain the utmost quantity, the worth of its inventory market debut will prime report holder Monde Nissin Corp., which raised P48 billion in 2021.
Supply deadline
Maynilad president and CEO Ramoncito Fernandez confirmed to reporters final week that they had been “getting ready so [the IPO] will be on push-button [mode] inside this yr, relying on various factors: macroeconomic and geopolitical.”
Maynilad, which is collectively owned by Consunji-led DMCI Holdings Inc., Pangilinan-led Metro Pacific Investments Corp. and Japanese conglomerate Marubeni Corp., presently holds a concession settlement with the federal government via the Metropolitan Waterworks and Sewerage System.
Underneath this contract, Maynilad wants to supply at the very least 30 % of its shares to the general public on or earlier than January 2027.
Its East Zone counterpart, Manila Water Co. Inc., listed in 2005.
Whereas Maynilad nonetheless has greater than a yr earlier than its deadline, Fernandez identified {that a} 2026 IPO is perhaps “too tight.”
“Should you perceive our predicament, if we push it subsequent yr, we is perhaps operating out of choices,” he mentioned. “The candy spot is that this yr.”
Maynilad earlier disclosed that it had already appointed HSBC, Morgan Stanley and UBS as monetary advisors for its itemizing.
The corporate’s pursuit of a 2025 IPO additionally comes at a time when traders are struggling to stay optimistic, with the benchmark index already down by practically 4 % year-to-date attributable to commerce warfare tensions within the West.
Nonetheless, Pamela Victoriano, senior vice chairman for funding banking at Unicapital Securities Inc., famous that the Philippine Inventory Alternate Index (PSEi) was “undervalued in comparison with regional friends, creating alternatives for traders.”
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“With favorable market situations, we anticipate extra corporations tapping the general public markets in 2025,” Victoriano mentioned in a latest assertion.
