It’s final, Maynilad sets Oct. 30 listing

The photo shows Maynilad’s Molino-Paliparan Reservoir in Bacoor, Cavite, one of at least 37 reservoirs of the water company. (Contributed photo)

MANILA, Philippines — More than two months after announcing a delay in its stock market debut valued at up to P45.8 billion, Maynilad Water Services Inc. has settled on an Oct. 30 listing date.

Based on its Aug. 28 preliminary prospectus, Maynilad said it would offer 1.66 billion common shares at up to P20 each, with an over-allotment option of up to 249 million shares in case of high demand.

The offer also includes a preferential offer of up to 24.9 million shares for First Pacific Co. Ltd. (FPCL), an existing shareholder listed on the Hong Kong Stock Exchange (HKEX).

This would allow FPCL to maintain ownership in Maynilad under HKEX rules.

The offer period will run from Oct. 16 to Oct. 22.

Proceeds from the offer will be used for the company’s capital expenditure requirements and for general corporate purposes, Maynilad said in its prospectus.

West Zone

Maynilad, whose services cover the West Zone of the Greater Manila Area, earlier planned for a July 2025 initial public offering.

In June, it announced that it would delay its listing on the main board of the Philippine Stock Exchange (PSE) to “no later than end of October 2025.”

READ: Maynilad’s roadworks, explained

While Maynilad said the delay was in response to “robust potential demand from strategic cornerstone investors,” analysts have pointed out that it may have been due to unfavorable market conditions.

The local bourse has so far seen only one IPO this year, with Cebu-based fuel retailer Top Line Business Development Corp. raising P732 million in April.

Meanwhile, casino operator Hann Resorts Inc. has indefinitely postponed its listing, saying it wanted to wait for better market conditions that would “ensure the best outcome for our investors and stakeholders.”

Delistings have also overtaken IPOs.

READ: Stockholders clear P6.1-B exit of 8990 from Philippine bourse

Keppel Philippines Holdings Inc. voluntarily exited the PSE on July 8, while Philab Holdings Corp. was forced to delist on July 11.

Under its concession agreement with the government, Maynilad is required to offer at least 30 percent of its outstanding capital stock to the public on or before Jan. 21, 2027.

The government approved the 10-year extension of Maynilad’s contract, allowing it to operate until January 2047. /rwd