WEST zone water concessionaire Maynilad Water Services, Inc. has set the ultimate offer price for its initial public offering (IPO) at P15 per share, in keeping with a notice from the Philippine Stock Exchange (PSE) on Tuesday.
The ultimate price confirms the corporate’s earlier indicative ceiling, which was lowered from P20 per share following feedback from institutional investors.
Maynilad will offer 1.66 billion common shares to the general public and 24.9 million primary shares reserved for First Pacific Co. Ltd.
The corporate also has an overallotment option of as much as 249.05 million shares and an upsize option of 354.7 million secondary shares, bringing the overall potential offer size to 2.29 billion shares.
At P15 per share, the offer could raise as much as P34.3 billion in gross proceeds.
The shares shall be listed on the PSE’s Major Board under the ticker symbol MYNLD.
The offering is poised to be the most important IPO within the Philippines this 12 months, with reported interest from institutional investors including the UK’s Mobilist, the International Finance Corp., and the Asian Development Bank.–A.G.C. Magno