PSE clears P45.8-B Maynilad IPO

MANILA, Philippines — The Philippine Stock Exchange (PSE) has approved the P45.8-billion initial public offering (IPO) of water concessionaire Maynilad Water Services Inc.

In an advisory on Monday, the operator of the local bourse said Maynilad would offer up to 1.66 billion firm shares to the public and up to 24.9 million reserved shares to First Pacific Co. Ltd. at up to P20 each. It also has an overallotment option of up to 249.05 million shares.

READ: Maynilad delays IPO to October

The final price will be set on Oct. 20, while the offer period will run from Oct. 23 to Oct. 29.

The water concessionaire will list under the ticker “MYNLD” on Nov. 7.

Earlier, Maynilad president and CEO Ramoncito Fernandez said they would cut their maximum offer price to P15 per share in consideration of its cornerstone investment agreement with International Finance Corp. and Asian Development Bank, as these multilateral institutions were considering investing $245 million into the company’s IPO. /dda

READ: IFC, ADB poised to pour $245M into Maynilad IPO