The west zone water concessionaire told regulators it now targets a Philippine Stock Exchange listing no later than Nov. 7, 2025, after initially aiming for Oct. 30.
More time needed to convince investors?
“Following the accommodation of cornerstone investors for the IPO, the corporation is extending the IPO timetable to allow more time for investor education, ensuring that investors gain a deeper understanding of the corporation and its business model for more informed investment decisions,” Maynilad said in a filing to the Philippine Dealing & Exchange Corp.
April Lynn Tan, COL Financial Group chief equity strategist, told InsiderPH the added time helps the firm achieve better pricing given current weak market conditions.
For one, the PSE Index has fallen 7.5 percent since the start of 2025.
She also noted that the target valuation of P20 per share, which is expected to come down once bookbuilding and the price discovery process is completed, appears high given the current market appetite.
Biggest IPO since Monde Nissin
Maynilad plans to sell 1.93 billion primary shares, with up to 30 percent of the company’s equity offered to the public, while a 354.7 million-share secondary tranche could raise P7.1 billion for Maynilad Water Holding Co. Inc.
At a ceiling price of P20 per share, the deal would value the company at P151 billion, roughly 37 percent higher than east zone rival Manila Water of tycoon Enrique Razon Jr.
Proceeds of as much as P38.7 billion will bankroll expansion and infrastructure upgrades across its concession.
Maynilad is 94 percent controlled by tycoon Manuel V. Pangilinan-led Metro Pacific Investments Corp., DMCI Holdings, and Japan’s Marubeni, with Morgan Stanley, HSBC, UBS, and BPI Capital leading the transaction.
The utility has also committed to a dividend payout of at least 50 percent of annual net income, aligning with its historical practice to lure investors into one of the market’s most anticipated listings this year.
—Edited by Miguel R. Camus
