Maynilad delays IPO to October

Maynilad Water Services Inc. is set to sell shares to the public this year.

MANILA, Philippines — Maynilad Water Services Inc. gave investors more time to prepare for its P37.41-billion initial public offering (IPO). The company is delaying its market debut to October from the initial schedule of next month.

Maynilad serves the West Zone service area of the Metropolitan Waterworks and Sewerage System (MWSS).

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In a statement, the MWSS concessionaire said that it had submitted the updated timetable to the Securities and Exchange Commission and the Philippine Stock Exchange.

Maynilad said changing the timeline was “in response to robust potential demand from strategic cornerstone investors.”

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“These investors have conveyed strong and sustained interest in participating in the offering, but requested additional time to complete their internal approval processes,” it added.

The exercise involves selling of 1.93 billion primary shares and 354.7 million secondary shares offered for up to P20 each.

/rwd