The stock made its debut today at P15 per share, matching its IPO price.
“Despite all of this overhang that we’re hearing, investors put in the investment and judging from the results of the IPO, I think we made the right decision,” Maynilad president and CEO Ramoncito Fernandez said in a press briefing on Friday.
Very positive feedback from investors
“We believe that Maynilad is a solid investment, delivering essential water services and with very predictable cash flows,” Fernandez said.
“We got very positive feedback from both domestic and foreign investors, attesting to the company’s operational performance, capital spending plans, and also dividend policy,” he added.
The listing also fulfills Maynilad’s compliance requirement to go public by 2027.
By geography, Asian investors cornered 53.6 percent of the allocation, followed by local investors at 29.6 percent, European investors at 14.7 percent, and US investors at 1 percent, said Maynilad chief financial officer Ricardo F. Delos Reyes.
“This investment highlights our commitment to helping provide clean, accessible, and reliable water and safe sanitation services to millions of Filipino households, commercial, and institutional users,” said ADB Philippines country director Andrew Jeffries.
“IFC is proud to participate in Maynilad’s IPO to help the company expand and enhance its wastewater services in the coming years,” said Amena Arief, country manager for IFC Philippines.
“This investment signifies our commitment to improving the supply and quality of water for Filipinos and underscores IFC’s role in strengthening capital market development in the Philippines,” he added.
12 cornerstone investors
The deal also stands out for its wide participation of globally recognized and domestic cornerstone investors.
Leading the roster are the International Finance Corp. (IFC) and the Asian Development Bank (ADB). Other international cornerstone investors include abrdn Malaysia Sdn. Bhd., the UK’s Foreign, Commonwealth and Development Office through its MOBILIST programme, Maven Investment Partners Ltd. – Hong Kong Branch, Maybank Asset Management Singapore Pte. Ltd., Robeco Switzerland Ltd., and QRT Master Fund – Torus Fund SP.
On the domestic side, cornerstone investors are BDO Capital & Investment Corp., BP| Asset Management and Trust Corp., Metropolitan Bank & Trust Co. – Trust Banking Group, and Security Banking Corp. – Trust and Asset Management Group.
The successful offering was backed by a formidable lineup of deal makers.
These include 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—supported by a broad team of lawyers, bankers, and financial advisers who guided the deal to completion.
—Edited by Miguel R. Camus
