Maynilad aims to raise $437 million in what could be the Philippines’ largest IPO since 2021

Manila: Philippine utility firm Maynilad Water Services has started taking orders from institutions for an initial public offering that could raise as much as $437 million and make it the country’s biggest listing in four years. 

The water- and wastewater-services provider’s IPO includes a primary sale of up to 1.66 billion shares and a preferential offering of up to 24.9 million shares, according to a preliminary prospectus dated October 3. Maynilad may also enlarge the IPO to as much as $593 million via overallotment and upsize options, giving it a valuation of up to $1.6 billion, according to terms of the deal seen by Bloomberg News. 

The company is marketing the shares at 14 pesos ($0.24) to 15 pesos each, the terms show, below the 20 peso maximum price it had initially penciled in. Still, including the overallotment and upsize options, Maynilad’s will be the biggest IPO since Monde Nissin Corp.’s listing raised more than $1 billion in 2021.

The IPO market has struggled too, with just one listing so far in 2025 raising $12.5 million. Maynilad’s offering would lift this year’s proceeds to their highest since a record set in 2021, according to data compiled by Bloomberg.

The Asian Development Bank has agreed to buy as much as $145 million worth of shares in the IPO as a cornerstone investor, and the International Finance Corp. has committed to buying as much as $100 million. Other cornerstones include Robeco, Maven Investment Partners Ltd. and the UK’s Foreign, Commonwealth and Development Office. 

Maynilad, which plans to use the proceeds from the offering for capital expenditures and general corporate purposes, will start taking orders from institutions on Monday and continue until as early as October 17. It will accept orders from retail investors from October 23 to October 29. The firm expects to price shares on October 20 and to list on November 7. 

Maynilad’s services span across 11 cities in Metro Manila, as well as three cities and three municipalities in Cavite Province, the company’s prospectus shows. The company posted net income of 7.5 billion pesos for the first half of the year, up 19% from the same period in 2024.