First Pacific Co. Ltd., the Hong Kong-based holding company led by tycoon Manuel V. Pangilinan, will also acquire shares in the IPO to maintain part of the group's shareholdings in the water concessionaire that serves about 10 million customers in Metro Manila and nearby areas.
Maynilad’s other shareholders include the Consunji family’s DMCI Holdings and Japan’s Marubeni Corp.
The IPO, which is required by Maynilad's franchise, includes a mix of new and existing shares, with Maynilad issuing the majority to raise capital for expansion.
IPO structure
• Total offer size: Up to 2.46 billion shares
• Primary shares: 1.78 billion shares issued by Maynilad
• Shares for First Pacific: 36.3 million shares allocated as part of the offering
• Overallotment option: 266.3 million primary shares
• Upsize option: 379.3 million shares, which may include secondary shares from Maynilad’s existing shareholders, including Pangilinan-led Metro Pacific Investments Corp. among the sellers.
Indicative timeline
• Offer period: June 25 – July 2, 2025
• Target listing date: July 10, 2025
Purpose, use of proceeds
Funds raised will finance Maynilad’s capital expenditure program for 2025-2026, covering:
• Water infrastructure investments to improve supply and distribution
• Wastewater projects to expand treatment facilities
• Technology upgrades for customer service and operational efficiency
Major banks behind the deal
BPI Capital Corp., HSBC, Morgan Stanley, and UBS have been appointed as joint global coordinators and joint bookrunners for Maynilad’s IPO. BPI Capital will also serve as the domestic lead underwriter, overseeing the local offering.
