SINGAPORE — Philippine water services company Maynilad has received the go-ahead for its initial public offering on the domestic stock exchange, the Securities and Exchange Commission said.
Reuters in January reported that the private waterworks and sewerage and sanitation company had enlisted banks, including Morgan Stanley MS.N and UBS UBSG.S, to assist with a more than $500 million IPO in the Philippines.
The commission said in a statement that it had approved Maynilad’s IPO, covering 1.93 billion primary shares and 354.7 million secondary shares, subject to the company’s compliance with certain remaining requirements.
The commission added that Maynilad could net up to P37.41 billion ($671.53 million) from the IPO, assuming the overallotment option and preferential offer are fully subscribed.
Maynilad is managed by Maynilad Water Holdings Company, a joint venture between infrastructure conglomerate Metro Pacific Investments Corp, construction and nickel mining group DMCI Holdings DMC.PS and Japanese trading company Marubeni Corp 8002.T.
Proceeds will be used to fund the company’s capital expenditures and for corporate general purposes.
The IPO 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, the statement showed.
Maynilad tapped BPI Capital Corp, HSBC, Morgan Stanley and UBS as joint global coordinators and joint bookrunners for the offer, according to the statement.
($1 = 55.7090 Philippine pesos)
—Reporting by Yantoultra Ngui, Editing by Louise Heavens
