Maynilad postpones IPO again to Nov. 7
Maynilad Water Services Inc. delayed its initial public offering (IPO) a second time, this time aiming to list by Nov. 7 to give investors time to better understand its business.
In a disclosure to the Philippine Dealing and Exchange Corp. on Thursday, the concessionaire said it had opted to revise its IPO timetable to accommodate cornerstone investors.
“The corporation is extending the IPO timetable to allow more time for investor education, ensuring that investors gain a deeper understanding of the corporation and its business model for more informed investment decisions,” Maynilad said.
This is the second time Maynilad has changed its listing date. The company, backed by Manuel Pangilinan-led Metro Pacific Investments Corp., Consunji-led DMCI Holdings Inc. and Japan’s Marubeni Corp., originally planned to go public in July, before eventually rescheduling to Oct. 31.
Anchor investor
In adjusting its listing date the first time, Maynilad had also cited the request of potential anchor investors.
Under its concession agreement with the government, Maynilad needs to offer at least 30 percent of its outstanding capital stock to the public on or before January 2027.
Based on its Aug. 28 preliminary prospectus, Maynilad plans to offer 1.66 billion common shares at up to P20 each, with an over-allotment option of up to 249 million shares in case of high demand. The offer also includes a preferential offer of up to 24.9 million shares for First Pacific Co. Ltd. (FPCL), an existing shareholder listed on the Hong Kong Stock Exchange (HKEX). This would allow FPCL to maintain ownership in Maynilad under HKEX rules.
The local bourse has so far only seen one IPO this year—Top Line Business Development Corp. in April—as market volatility continues to discourage other companies from braving the stock market.
Casino developer Hann Holdings Inc. was supposed to raise P13 billion from its IPO this month, but it has indefinitely suspended this to wait for better market conditions.
Delistings have so far overtaken IPOs this year. Keppel Philippines Holdings Inc. voluntarily delisted on July 8, while Philab Holdings Corp. was forced to exit on July 11. Mass housing developer 8990 Holdings Inc. will go private on Oct. 29.
