SEC Approves Maynilad IPO

The Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) of Maynilad Water Services Inc., currently targeted by next month.

- By Richmond Mercurio

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 plans to offer to the public up to 1.66 billion common shares 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, Maynilad Water Holding Co. Inc. will sell secondary shares that are part of the offer.