Maynilad Files For What May Be Philippines’ Largest IPO

(Bloomberg) -- Philippine utility firm Maynilad Water Services Inc. said on Monday it plans to list in Manila’s stock exchange in July to cap off a share sale that could be the country’s biggest-ever initial public offering.

Maynilad has filed its IPO registration with the Securities and Exchange Commission as it aims to sell as much as 2.46 billion shares at a maximum price of 20 pesos apiece. The figure includes overallotment and upsize options.

At the maximum price, the IPO could raise up to 49.1 billion pesos ($858 million), eclipsing the 48.6 billion pesos of Monde Nissin Corp. in 2021. Such price, however, is typically a placeholder value and can be trimmed later in the process which is common in Philippine IPOs. 

“The final number of shares and pricing remain indicative and will be determined after the book-building process,” Maynilad said in a statement. It aims to offer shares from June 25 to July 2, followed by a trading debut on July 10.

Maynilad said it will use the IPO proceeds to finance its capital expenditures. The utility is required by its legislative franchise to sell at least 30% of its outstanding capital to the public on or before January 2027.

The Philippines is seeing a dearth of maiden share sales, with companies delaying or taking their time than raise funds in a market weighed down by negative sentiment and low liquidity. 

GCash, the Philippines’ top mobile wallet, said it is in no rush to go public. Bloomberg News earlier reported that the IPO could potentially raise $1 billion to $1.5 billion, citing people familiar with the matter.

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