Latest news with #Maynilad
Reuters
6 days ago
- Business
- Reuters
Philippine regulator approves water company Maynilad's $670 million IPO
SINGAPORE, June 3 (Reuters) - Philippine water services company Maynilad has received the go-ahead for its initial public offering on the domestic stock exchange, the Securities and Exchange Commission said. Reuters in January reported that the private waterworks and sewerage and sanitation company had enlisted banks, including Morgan Stanley (MS.N), opens new tab and UBS (UBSG.S), opens new tab, to assist with a more than $500 million IPO in the Philippines. The commission said in a statement that it had approved Maynilad's IPO, covering 1.93 billion primary shares and 354.7 million secondary shares, subject to the company's compliance with certain remaining requirements. The commission added that Maynilad could net up to 37.41 billion Philippine peso ($671.53 million) from the IPO, assuming the overallotment option and preferential offer are fully subscribed. Maynilad is managed by Maynilad Water Holdings Company, a joint venture between infrastructure conglomerate Metro Pacific Investments Corp, construction and nickel mining group DMCI Holdings ( opens new tab and Japanese trading company Marubeni Corp (8002.T), opens new tab. Proceeds will be used to fund the company's capital expenditures and for corporate general purposes. The IPO offer period will run from July 3 to 9, with the shares expected to be listed on the main board of the Philippine Stock Exchange on July 17, the statement showed. Maynilad tapped BPI Capital Corp, HSBC, Morgan Stanley and UBS as joint global coordinators and joint bookrunners for the offer, according to the statement. ($1 = 55.7090 Philippine pesos)
GMA Network
7 days ago
- Business
- GMA Network
Maynilad secures SEC approval for IPO this July 2025
West zone concessionaire Maynilad Water Services Inc. has secured the approval of the Securities and Exchange Commission (SEC) to proceed with its initial public offering (IPO) this July, as the firm is required to offer at least 30% of its outstanding capital stock as part of its government-issued franchise. Based on its latest timeline submitted to the SEC, Maynilad plans the offer period from July 3 to July 9, with the shares set to be listed on the main board of the Philippine Stock Exchange on July 17. The corporate regulator's En Banc resolved to render effective Maynilad's registration statement covering 1,934 primary shares and 354,704,200 secondary shares on May 30, subject to compliance with certain requirements. Maynilad is set to offer 1,680,317,400 common shares at up to P20 apiece, with an overallotment option of up to 249,047,600 shares and a preferential offer of up to 29,904,800 shares. The company is set to net up to P37.41 billion, should the overallotment option and preferential offer be fully subscribed. Proceeds are set to bankroll the company's capital expenditures, and corporate general purposes. The company earlier planned to raise P49 billion from its IPO by offering 2.46 billion common shares at a maximum price of P20 each. 'The initial numbers, they're all tentative, so don't be surprised if they adjust it, but they're close to make a final determination — the number of shares, how many are primary, how many are secondary,' Maynilad chairman Manuel Pangilinan told reporters on the sidelines of an event last week. 'Some of the shareholders might decide to sell down a bit, and of course, the pricing also. I think in the next few weeks or by next month, within a range, they will announce the range of prices at which the IPO will be offered. So just watch out for that space,' he added. The company tapped BPI Capital Corp., The Hongkong and Shanghai Banking Corporation Limited (HSBC), Morgan Stanley Asia (Singapore) Pte., and UBS AG, Singapore Branch as joint global coordinators and joint bookrunners for the offer. Under its franchise signed into law by former President Rodrigo Duterte in December 2021, Maynilad is mandated to offer at least 30% of its outstanding capital stock within five years. Maynilad currently serves customers in the west zone, which covers the cities of Caloocan, Las Piñas, Makati, Malabon Manila, Muntinlupa, Navotas, Parañaque, Pasay, Quezon, Valenzuela. It also services certain areas in Cavite such as the cities of Bacoor, Cavite, and Imus; and the towns of Kawit, Noveleta, and Rosario. —KG, GMA Integrated News
Zawya
17-03-2025
- Business
- Zawya
Maynilad Water seeks to raise up to $858mln in Philippines IPO
Hong Kong's First Pacific said on Monday its Philippine affiliate, Maynilad Water Services, aims to raise up to 49.15 billion pesos ($857.75 million) through an initial public offering. Under the terms of the deal, Maynilad is offering up to 2.46 billion shares, with an expected offer price of up to 20 pesos each. The total number of shares being offered represented 30.45% of the company's total outstanding shares. If approved, First Pacific said the listing would take place on July 10, with the offer period running from June 25 to July 2. The company has enlisted banks, including Morgan Stanley and UBS, to assist with a more than $500 million initial public offering in the Philippines, Reuters reported in January. In December 2021, the Philippine government granted Maynilad a 25-year franchise to establish, operate and maintain a waterworks system, as well as sewerage and sanitation services in the west zone service area of Metro Manila and the province of Cavite, according to its website. Maynilad is the largest private water concessionaire in the Philippines in terms of customer base. The planned listing adds to a growing pipeline of IPOs in the Philippines, where IPO proceeds surged sharply to $234.1 million last year, from $72.9 million in 2023, according to data compiled by LSEG. Maynilad is managed by Maynilad Water Holdings Company, a joint venture between infrastructure conglomerate Metro Pacific Investments Corp, construction-to-nickel mining group DMCI Holdings and Japanese trading company Marubeni Corp . ($1 = 57.3010 Philippine pesos) (Reporting by Rishav Chatterjee in Bengaluru; Editing by Sherry Jacob-Phillips)
