MVP: Maynilad IPO over half committed

The initial public offering of Maynilad Water Services Inc. is expected to proceed this month after the firm has secured commitments from cornerstone investors who will take up over half of the offered shares.

- BY JAMES A. LOYOLA

On the sidelines of the 57th Finex Annual Conference, Maynilad Chairman Manuel V. Pangilinan said “it’s going pretty well so far... I think they (cornerstone investors) should get between $500 million and $600 million (worth of shares).”

He added that this will likely be priced at P15 per share since “that's what we're aiming for.”

For his part, Maynilad Vice Chairman Isidro A. Consunji said that, based on regular updates, “here doesn’t seem to be any problem (with the IPO)” and there is no indication that it will not push through.

Informed sources said the cornerstone investors will be taking up more than 50 percent of the offered shares, equivalent to about 30 percent of Maynilad's outstanding shares post-IPO.