Maynilad sets final IPO price at P15 per share

WEST zone water concessionaire Maynilad Water Services, Inc. has set the final offer price for its initial public offering (IPO) at P15 per share, according to a notice from the Philippine Stock Exchange (PSE) on Tuesday.

The final price confirms the company’s earlier indicative ceiling, which was lowered from P20 per share following feedback from institutional investors.

Maynilad will offer 1.66 billion common shares to the public and 24.9 million primary shares reserved for First Pacific Co. Ltd.

The company also has an overallotment option of up to 249.05 million shares and an upsize option of 354.7 million secondary shares, bringing the total potential offer size to 2.29 billion shares.

At P15 per share, the offer could raise as much as P34.3 billion in gross proceeds.

The shares will be listed on the PSE’s Main Board under the ticker symbol MYNLD.

The offering is poised to be the largest IPO in the Philippines this year, with reported interest from institutional investors including the United Kingdom’s Mobilist, the International Finance Corp., and the Asian Development Bank.–A.G.C. Magno