President Ferdinand R. Marcos Jr. is expected to attend the landmark listing, making him the first sitting Philippine leader to grace a Philippine Stock Exchange IPO since the term of President Gloria Macapagal-Arroyo, which ended in 2010.
An insider said Marcos and his entourage are also expected to ring the opening bell, which signals the start of trading for the day, along with Maynilad and PSE executives, led by bourse president Ramon Monzon.
Maynilad, one of two major concessionaires serving Metro Manila, raised P34.3 billion, the largest public debut since Lucky Me! maker Monde Nissin’s 2021 listing.
Rare appearance from a sitting leader
It’s rare for a sitting president to attend a stock listing, even one as large as Maynilad’s. After all, the exercise is often associated with the country’s elite and far removed from the pressing issues of the day.
But it comes at a time when consumer confidence is under pressure and overall sentiment remains fragile amid concerns over slowing growth and a protracted corruption scandal besieging the administration.
Morale booster?
The last time Marcos appeared at the exchange was in July, when he led the bell-ringing ceremony to mark the implementation of the Capital Markets Efficiency Promotion Act.
In 2017, former president Rodrigo Duterte celebrated the 10th listing anniversary of Phoenix Petroleum, led by his friend Dennis A. Uy, a tycoon based in Davao.
The late president Benigno Aquino III also led the opening bell, but to celebrate each time the PSEi touched a new high. The last of these was in 2015 when the index breached 8,000.
President Gloria Macapagal-Arroyo was the last sitting president to attend an IPO, having graced several listings during her term.
Anticipated debut
Maynilad, controlled by the groups of tycoons Manuel V. Pangilinan and Isidro Consunji, hopes to make a splash on its Nov. 7 debut.
The listing comes amid a challenging year for local stocks, with the benchmark PSEi down more than 10 percent.
Maynilad priced its shares at P15 apiece, below the initial P20 reference price. It still drew strong demand from investors, including the International Finance Corp. and the Asian Development Bank.
With big names on board and VIPs at the bell-ringing, this stock had better deliver.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
