Manila-based water utility company Maynilad Water Services has filed a registration statement with the Philippine Securities and Exchange Commission and applied for listing on the Philippine Stock Exchange ( PSE ), ahead of its planned initial public offering ( IPO ).

Maynilad is majority-owned by Manuel V. Pangilinan’s Metro Pacific Investments Corporation ( MPIC ), which is the Philippine infrastructure arm of Hong Kong-based First Pacific Company, a listed company controlled by Indonesian tycoon Anthoni Salim. First Pacific has interests in telecommunications, power, toll roads and water utilities across Asia. Through MPIC, it is a key player in the Philippine utilities sector. 

The offering, Maynilad says in its filing,  will comprise up to 2.46 billion common shares at a maximum price of 20 Philippine pesos ( US$0.35 ) per share, with final pricing to be determined through a book-building process. If fully subscribed, the IPO could raise up to 49.15 billion pesos, potentially surpassing the 48.6 billion pesos raised by snack food giant Monde Nissin during its IPO in 2021.

Maynilad’s offering, according to its submission to the PSE, will include 1.78 billion primary shares for public investors and 36.3 million shares allocated to First Pacific. An additional 266.3 million shares will be available under an overallotment option, while up to 379.3 million shares may be issued through an upsize option. If the upsize option is exercised, a portion of the shares may be sold by either Maynilad or MPIC, reducing the number of new shares to be issued by Maynilad.

First Pacific, it says, hopes to set the offer period from June 25 to July 2, with Maynilad listing on the bourse on July 10.

“The IPO will involve the sale of common shares to the public,” Maynilad says, “with proceeds intended to fund Maynilad’s capital expenditure programme for 2025 to 2026, which consists of three major pillars.”

These pillars include capital expenditures for both water and wastewater, as well as for customer service and information system projects. A portion of the proceeds, Maynilad adds, may be allocated for general corporate purposes.

The company has tapped BPI Capital Corporation, HSBC, Morgan Stanley and UBS to serve as joint global coordinators and bookrunners, with BPI Capital Corporation also acting as the domestic lead underwriter. 

Maynilad is the largest private water and wastewater services provider in the Philippines, serving over 9 million customers in the west zone of Metro Manila as well as parts of Cavite province.