Maynilad Water Services, Inc. filed on Monday a registration statement with the Securities and Exchange Commission (SEC) and a listing application with the Philippine Stock Exchange (PSE) for its proposed Initial Public Offering (IPO).

The IPO will involve up to 2,457,290,000 common shares at a maximum offer price of P20 per share. The final number of shares and pricing remain indicative and will be determined after the book-building process and the completion of regulatory approvals.

The offer shares consist of: 1,775,381,900 primary common shares for public offering, 36,314,600 primary common shares to be offered to First Pacific Company Limited, an Overallotment Option of up to 266,307,300 primary common shares, and an upsize option of up to 379,286,200 common shares.

This represents 30.45 percent of Maynilad’s total issued and outstanding capital stock post- IPO.

The shares will primarily be issued by Maynilad, though Maynilad Water Holding Company, Inc. and Metro Pacific Investments Corp. may also sell secondary shares under the upsize option, which would proportionally reduce the number of new shares issued.

The IPO will involve the sale of common shares to the public, with proceeds intended to fund Maynilad’s capital expenditure program for 2025-2026 which consists of three major pillars: water CAPEX, wastewater CAPEX, and customer service & information system projects CAPEX. A portion of the proceeds may also be allocated for general corporate purposes.

The final number of shares and pricing will be determined through the book-building process and finalized only after SEC and PSE approval for the IPO. If approved, the indicative timeline targets an offer period from June 25, 2025, to July 2, 2025, with listing on July 10, 2025.

BPI Capital Corp., HSBC, Morgan Stanley, and UBS are the joint global coordinators and joint bookrunners for the IPO. BPI Capital Corporation will also be the domestic lead underwriter.

Maynilad is the water and wastewater services provider for the West Zone of Metro Manila and Cavite, covering 17 cities and municipalities, including Caloocan, Malabon, Navotas, Valenzuela, parts of Quezon City, parts of Manila, parts of Makati, Pasay, Paranaque, Las Pinas, and Muntinlupa?all in Metro Manila; the cities of Cavite, Bacoor and Imus, and the municipalities of Kawit, Rosario and Noveleta?all in Cavite Province. Maynilad Water Services