Industry insiders said the P46-billion initial public offering on the Philippine Stock Exchange (IPO) is nearly two times subscribed at the institutional level, which accounts for the largest portion of the offer.
We’re told the IPO price, to be announced later today or tomorrow, was set at P15 per share or 25 percent below the initial reference value of P20 each.
At that price, and assuming the full take-up of the offer, Maynilad is valued at about P113 billion, larger than tycoon Enrique Razon Jr.’s Manila Water Co. Inc., which is worth P90.4 billion.
These efforts are also thanks to Maynilad’s all-star cast of deal makers, recently expanded to a total of nine investment banks: BPI Capital Corp., BDO Capital & Investment Corp., First Metro Investment Corp., Security Bank Capital, EastWest Banking Corp., Maybank Securities Pte. Ltd., UBS, The Hongkong and Shanghai Banking Corp. Ltd., and Morgan Stanley, on top of an army of lawyers, bankers and financial advisers.
Some of these domestic banks — BDO Capital, BPI Wealth, Metrobank, and Security Bank Corp. Trust and Asset Management — also committed to buy a large chunk of shares, ensuring the deal’s success at the institutional level.
This is apart from the major cornerstone investors International Finance Corp. and the Asian Development Bank.
After pricing, local investors will be anticipating the launch of the retail sale period from Oct. 23 to 29, followed by MYNLD’s trading debut on Nov. 7, 2025.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
