Maynilad sets final IPO price at P15 per share after investor feedback

MAYNILAD WATER SERVICES, INC. has set the final offer price for its initial public offering (IPO) at P15 per share, matching the upper end of its revised price range, according to a notice from the Philippine Stock Exchange (PSE).

- Alexandria Grace C. Magno

The final price was reduced from the earlier maximum of P20 per share after feedback from cornerstone investors including the United Kingdom's Mobilist, the International Finance Corp. (IFC) and the Asian Development Bank (ADB).

The offer, expected to be the biggest listing in the Philippines this year, has drawn strong demand from institutional investors.

The IFC and ADB are considering investments of $100 million and $145 million, respectively. Other investors expressing interest include Robeco Switzerland Ltd. with up to $20 million, as well as Abrdn Malaysia Sdn. Bhd., Maven Investment Partners Ltd. - Hong Kong Branch, Maybank Asset Management Singapore Pte. Ltd. and QRT Master Fund - Torus Fund SP.

Maynilad will offer as many as 1.66 billion common shares to the public, including 24.9 million primary shares allocated for First Pacific Co. Ltd. It will also have an overallotment option of as many as 249.05 million shares and an upsize option of 354.7 million secondary shares, which could bring the total offer to 2.29 billion shares.