Billionaire Anthoni Salim-Backed Maynilad Water To Raise $694 Million From Philippine IPO
Courtesy of Maynilad Water
Maynilad Water Services—controlled by Indonesian billionaire Anthoni Salim-backed Metro Pacific Investment—will raise 38.6 billion pesos ($694 million) from its IPO.
Under the IPO, which was approved by the Securities and Exchange Commission on Friday, Maynilad Water will sell 1.9 billion shares in a primary offering at 20 pesos apiece. The maiden share sale includes an over allotment option of up to 249 million shares and a preferential offer of up to 24.9 million shares.
Maynilad Water—which provides water utility services to 17 cities and municipalities in western Metro Manila and parts of Cavite province, south of the capital—will use the IPO proceeds to upgrade its facilities and expand its water output.
Apart from the sale of primary shares, Maynilad Water Holding—which counts Metro Pacific, tycoon Isidro Consunji's DMCI Holdings and Japan's Marubeni Corp. among its shareholders—will sell 354.7 million shares at the IPO price, raising an additional 7.1 billion pesos in a secondary offering.
The offer period will run from July 3 to 9, with listing on the main board of the Philippine Stock Exchange scheduled on July 17, the SEC said. It will be the largest Philippine IPO since the listing of instant noodle giant Monde Nissin, which raised $1.1 billion in a maiden share sale in 2021.
BPI Capital, HSBC, Morgan Stanley and UBS are the IPO's joint global coordinators and joint bookrunners, according to the statement.
Maynilad Water's net profit rose 17% to 3.6 billion pesos in the first quarter as sales rose 6% to 8.6 billion pesos. It reported a record full-year net profit of 12.8 billion pesos in 2024.
Metro Pacific, which is helmed by tycoon and CEO Manuel Pangilinan and taken private in 2023, also has interests in hospitals, tollroads, agriculture, as well as electricity generation and distribution.
Outside of Metro Pacific, Salim's First Pacific also has stakes in Philippine telecom giant PLDT and Philex Mining Corp. With a net worth of $12.8 billion, Salim and his family are among the richest in Indonesia. The family also has stakes in Infofood, Indonesia's largest noodle maker, as well as banking, retail and coal mining.Consunji and his siblings had a networth of $3.4 billion, the fifth richest in the Philippines. DMCI, which started as a construction company founded by his father in 1954, has expanded to coal and nickel mining, residential development, power generation and cement manufacturing.
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