The Metro Manila water concessionaire, in a revised deal prospectus dated May 14, trimmed the maximum IPO size from from P49.1 billion to P45.8 billion.
The scaled-back offer is set to become the country’s second-biggest since Monde Nissin’s 2021 debut, which raised P48 billion.
At P150 billion, Maynilad will be significantly larger than Manila Water, the only other listed water concessionaire, which has a market value of about P86 billion.
Big picture
It’s typical for big-ticket funding deals to be revised when moving closer to the offer date.
This can be due to discussions during roadshows between dealmakers and investors, especially large institutional funds whose participation is often key to an IPO’s success.
Maynilad, the largest in the Philippines thanks to its 10 million customer base, is seen as a defensive stock with strong dividends potential, said Juan Paolo Colet, managing director at China Bank Capital, said in a previous interview.
Backed by conglomerates
Maynilad is 94 percent-controlled by Maynilad Water Holding Co. Inc., whose shareholders are Manuel V. Pangilinan-led Metro Pacific Investments Corp. (51.3 percent), Consunji-led DMCI Holdings (27.2 percent) and Japan’s Marubeni (21.5 percent).
Metro Pacific also holds a direct 5.3-percent stake in Maynilad outside of Maynilad Holdings.
Maynilad is required to list its shares under the terms of its franchise no later than January 2027.
Primary offer cut by over P10 billion
The IPO size was scaled back after it trimmed the total share sale by about 7 percent to 2.29 billion shares although the maximum indicative price was maintained at P20 per share.
The changes in the share offer mix also resulted in the primary offer by over P10 billion.
Maynilad can raise net proceeds of P37.4 billion from the full sale of primary shares under the firm, reserved, and overallotment tranches.
The remainder will be secondary shares by selling shareholder Maynilad Water Holding Co.
Depending on how many shares are sold, Maynilad’s public float will range from 22.75 percent to 30 percent.
New timetable
The offer timetable was adjusted, with target IPO pricing set for June 30, while the offer period will run from July 3 to July 9.
Maynilad will list under the stock code MYNLD on July 17, 2025—moved from the original July 10 target.
Maynilad posts strong first quarter growth
Maynilad continued its earnings growth trajectory in the first quarter of 2025.
Net income from January to March this year jumped 16.8 percent to P3.62 billion on revenues of P8.56 billion, up 5.7 percent.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased to P6.03 billion, with the EBITDA margin improving to 70.4 percent from 67.2 percent.
Big banks support deal
Maynilad brought in more banks to help with its IPO in the May 2025 update, adding Maybank Securities as a supporting manager and officially naming UBS as the bank in charge of stabilizing the stock price after listing.
BPI Capital stayed as the main local bank leading the deal, working with global firms like HSBC, Morgan Stanley, and UBS to bring the offer to both local and international investors.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
