Maynilad trims IPO size to P45.8B

MANILA, Philippines –  Maynilad Water Services Inc. has decided to cut the size of its much-awaited initial public offering (IPO), on expectations of weaker-than-expected demand as the local stock market struggles with volatility.

Based on its May 14 preliminary prospectus, Maynilad has opted to trim its IPO by 6.5 percent to P45.8 billion.

The water utility firm initially wanted to raise P49 billion from its stock market debut by offering up to 2.46 billion common shares at a maximum price of P20 each.

READ: Maynilad files papers for P 49-B IPO

This time, however, Maynilad will only offer up to 2.3 billion common shares.

Maynilad will announce the final price of its IPO on June 30, with the offer period scheduled from July 3 to July 9. It will list on the main board of the Philippine Stock Exchange (PSE) on July 17 under the ticker “MYNLD.”

Under the company’s concession agreement with the government through the Metropolitan Waterworks and Sewerage System, Maynilad needs to offer at least 30 percent of its shares to the public on or before January 2027.