Maynilad Prices $590M IPO; Trading Expected Nov. 7

Maynilad Water priced its IPO at ₱15 per share, offering up to about 1.9 billion shares including public, reserved and overallotment/upsizing options to raise up to ₱34.33 billion (roughly $590 million) if all options are exercised. The public offer runs Oct. 23–29, with trading expected to begin on the Philippine Stock Exchange on Nov. 7. The International Finance Corp. and the Asian Development Bank are lead cornerstone investors, committing roughly $245 million at the offer price. BPI Capital is the domestic lead manager and global coordinators include HSBC, Morgan Stanley and UBS. The listing would be the Philippines’ biggest in four years and the second-largest ever on the PSE, and proceeds are earmarked for Maynilad’s capital expenditures and other corporate purposes. Some analysts warn weak market sentiment and a 2025 P/E near 7.2x (above Manila Water’s 6.9x) could limit near- to medium-term upside.