Maynilad prepares for forced IPO after 2025 polls


MANILA, Philippines — Maynilad Water Services Inc. has begun preparations for its planned stock listing, which could come as early as 2026.

“The IPO has to happen on or before January 2027,” Maynilad President and Chief Executive Ramoncito Fernandez told reporters on Tuesday. “We are looking at any time between after the elections and early 2026.” .

As part of its concession agreement with the government through the Metropolitan Waterworks and Sewerage System (MWSS), Maynilad – the largest private water concessionaire in terms of customer base – is required to conduct a public offering on or before January 2027 .

Pursuant to Republic Act No. 11600, Maynilad has a 25-year franchise to establish, operate and maintain water supply systems and sewerage and sanitation services in the Western Service Area of ​​Metro Manila and Cavite Province.

The company must sell at least 30% of its issued share capital to the public within five years of the law signed by President Duterte in December 2021 taking effect.

Asked why the IPO came after national elections, Fernandez said there were multiple factors at play before Maynilad went public.

After the 2025 election

He said that this question is difficult to answer because it is a combination of political, social and economic factors, and investors also want to see what will happen by then.

But Fernandez said Maynilad had started paperwork for the IPO and was “still working on the data with advisors.”

Read: Biggest ever: Maynilad to commit P31-B capex in 2024

MWSS West Zone franchisees are complying with initial public offering requirements of the United States Securities and Exchange Commission and the Philippine Stock Exchange.

Last September, a Bloomberg report quoted sources as saying the water services provider was considering an IPO to raise $750 million to $1 billion.

In addition to the IPO, Fernandez said Maynilad is looking at other fundraising activities, including debt and equity structures, to fund its capital expenditures of 150 billion to 160 billion pesos. The highest in Ladd history.”


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A separate Bloomberg report in February said Maynilad was considering a funding round totaling about $300 million, which could happen in 2025 or sometime before an IPO.





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