Maynilad Water Services Inc. is aiming to raise P34.33 billion pesos from its initial public offering (IPO) of which the price of each share is set at P15.
Maynilad said the offer price of P15 per share was determined through a book building process and discussions between them and their Joint Global Coordinators and Joint Bookrunners.
“The gross proceeds from the offer will be P34,334,610,000, assuming the full exercise of the overallotment option and the upsize option,” the company said.
In a disclosure to the Philippine Stock Exchange index (PSEi), Maynilad said that 1.66 billion common shares will be for the investing public and 24.9 million primary common shares to its shareholder, First Pacific Company Limited, at the same price.
The share offer also has an overallotment option of up to 249.05 million primary shares and an upsize option of up to 354.70 million secondary shares.
With the value of the offer pegged at over P34 billion, Maynilad’s IPO is the second largest in Philippine history, and next to the nearly P49 billion raised by food firm Monde Nissin in July 2021.
The major shareholders Maynilad are Metro Pacific Investments Corporation (MPIC), DMCI Holdings, Inc. (DMCI), and Marubeni Corporation. Its franchise areas are the west zone of Metro Manila and parts of Cavite province.
The offer period for the IPO will be from October 23 till October 29, with trading expected to commence on November 7 at the Philippine Stock Exchange (PSE).
MAYNILAD PHOTO