SEC approves Maynilad's ₱46B IPO

The Securities and Exchange Commission (SEC) has approved the planned initial public offering (IPO) of Maynilad Water Services, Inc. for next month, aiming to raise a maximum of P45.8 billion.

- BY JAMES A. LOYOLA

The Commission En Banc, on May 30, resolved to render effective the registration statement of Maynilad, covering 1.93 billion primary shares and 354.7 million secondary shares, subject to the company’s compliance with certain remaining requirements.

Maynilad will offer to the public up to 1.66 billion common shares priced at up to P20 apiece, with an overallotment option of up to 249.05 million shares and a preferential offer of up to 24.9 million shares.

The company’s shareholder will sell the secondary shares that are part of the offer, Maynilad Water Holding Company, Inc.