Maynilad starts IPO offer period, hoping to raise P34.3 billion

WEST ZONE water concessionaire Maynilad Water Services, Inc. has started the offer period for its initial public offering (IPO) after securing the permit to sell from the Securities and Exchange Commission (SEC).

- — A.G.C. Magno

The company set the final offer price at P15 per share, with the IPO covering 1.66 billion common shares to be sold to the public and 24.9 million primary shares allocated to First Pacific Co. Ltd.

Based on the final offer price, the IPO could raise as much as P34.3 billion in gross proceeds.

The offer period runs from Oct. 23 to 29, while the company’s shares are expected to be listed on the Philippine Stock Exchange’s Main Board on Nov. 7 under the ticker symbol MYNLD, the company said in a statement on Thursday.

The offering also includes an overallotment option of up to 249.05 million primary shares and an upsize option of up to 354.7 million secondary shares to be offered by Maynilad Water Holding Co., Inc. (MWHCD.