UBS concludes price stabilization of Maynilad IPO shares

Maynilad Water Services Inc. has completed the price stabilization period for its initial public offering (IPO) after its agent repurchased a total of 144.29 million shares to help steady trading in the weeks following its market debut.

In a disclosure on Wednesday, the west zone water concessionaire said UBS AG Singapore Branch, appointed as stabilization agent, had bought a total of 144,293,700 Maynilad shares from Nov. 7 to Dec. 5 under the SEC-approved stabilization program.

The shares acquired by UBS make up nearly 2 percent of the company’s 7.5 billion outstanding shares.

The purchases were made in line with the overallotment option granted to the stabilization agent, according to a company filing.

Maynilad said the acquired shares would be returned to the company, consistent with the Securities and Exchange Commission’s approval letter issued on May 28.

The filing marks the closing of post-offering price support activities for the IPO.

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Maynilad earlier disclosed that UBS and its affiliates conducted the stabilization transactions pursuant to the terms approved by regulators.

Maynilad lists 7.4 billion common shares registered with the SEC, based on the same filing.

Since its listing on Nov. 7, Maynilad’s share price has gained close to 9 percent as of mid-day trade on Wednesday.