Maynilad debuts on PSE, gets 12 cornerstone investors

MANILA, Philippines — Maynilad Water Services Inc. finally went public on Friday after delaying its stock market debut as the group waited for stronger investor appetite.

Listed under the ticker “MYNLD,” Maynilad opened at P15 per share, the same price as its initial public offering. President Marcos graced the ceremonial ringing of the bell.

In a briefing in Taguig City, Maynilad president and chief executive officer Ramoncito Fernandez said the group had seen “strong interest” from investors here and abroad, raking in about P34.3 billion.

A total of 12 cornerstone investors backed its initial public offering. These include the International Finance Corp., the Asian Development Bank, abrdn Malaysian Sdn. Bhd., the UK’s Foreign, Commonwealth and Development Office, Maven Investment Partners Ltd. – Hong Kong Branch, Maybank Asset Management Singapore Pte. Ltd., Robeco Switzerland Ltd., and QRT Master Fund – Torus Fund SP.

Major backers from the local market are BDO Capital & Investment Corp., BPI Asset Management and Trust Corp., Metropolitan Bank & Trust Company – Trust Banking Group, and Security Banking Corp. – Trust and Asset Management Group.

READ: Maynilad shares debuting at P15 apiece

Philippine Stock Exchange president Ramon Monzon said the fact that Maynilad managed to entice major investors “clearly disproving the doomsayer’s claim of foreign investor disinterest in our market.”

READ: Eroded investor confidence

Maynilad is the water and wastewater services provider for the West Zone, covering 17 cities and municipalities in Metro Manila and Cavite. /dda