Hong Kong’s First Pacific 0142.HK said on Monday its Philippine affiliate, Maynilad Water Services, aims to raise up to P49.15 billion ($857.75 million) through an initial public offering.
Under the terms of the deal, Maynilad is offering up to 2.46 billion shares, with an expected offer price of up to P20 each. The total number of shares being offered represented 30.45% of the company’s total outstanding shares.
If approved, First Pacific said the listing would take place on July 10, with the offer period running from June 25 to July 2.
The company has enlisted banks, including Morgan Stanley MS.N and UBS, to assist with a more than $500 million initial public offering in the Philippines, Reuters reported in January.
In December 2021, the Philippine government granted Maynilad a 25-year franchise to establish, operate and maintain a waterworks system, as well as sewerage and sanitation services in the west zone service area of Metro Manila and the province of Cavite, according to its website.
Maynilad is the largest private water concessionaire in the Philippines in terms of customer base.
The planned listing adds to a growing pipeline of IPOs in the Philippines, where IPO proceeds surged sharply to $234.1 million last year, from $72.9 million in 2023, according to data compiled by LSEG.
Maynilad is managed by Maynilad Water Holdings Company, a joint venture between infrastructure conglomerate Metro Pacific Investments Corp, construction-to-nickel mining group DMCI Holdings DMC.PS and Japanese trading company Marubeni Corp 8002.T.
($1 = 57.3010 Philippine pesos)
—Reporting by Rishav Chatterjee in Bengaluru; Editing by Sherry Jacob-Phillips
