SEC Clears Maynilad Water Services IPO

​The Securities and Exchange Commission (SEC) has considered favorably the initial public offering (IPO) of Maynilad Water Services, Inc.

​The Commission En Banc on May 30 resolved to render effective the registration statement of Maynilad covering 1,934,269,800 primary shares and 354,704,200 secondary shares, subject to the company’s compliance with certain remaining requirements.

Maynilad will offer to the public up to 1,660,317,400 common shares priced at up to P20 apiece, with an overallotment option of up to 249,047,600 shares and a preferential offer of up to 24,904,800 shares.

The secondary shares that are part of the offer will be sold by the company’s shareholder, Maynilad Water Holding Company, Inc.
Maynilad could net up to P37.41 billion from the IPO, assuming the overallotment option and preferential offer are fully subscribed. Maynilad will not receive proceeds from the sale of secondary shares by Maynilad Water Holding Company.

Proceeds will be used to fund Maynilad’s capital expenditures and for corporate general purposes.

The offer period will run from July 3 to 9, with the shares expected to be listed on the main board of the Philippine Stock Exchange on July 17, according to the latest timeline submitted to the SEC.

Maynilad tapped BPI Capital Corporation, The Hongkong and Shanghai Banking Corporation Limited, Morgan Stanley Asia (Singapore) Pte., and UBS AG, Singapore Branch as joint global coordinators and joint bookrunners for the offer.