Maynilad debuts on Philippine Stock Exchange in second-largest IPO

Maynilad Water Services, Inc. (MYNLD) officially joined the Philippine Stock Exchange’s (PSE) roster of listed companies today, marking the second-largest Initial Public Offering (IPO) in PSE history. The bell-ringing ceremony was led by no less than the President of the Republic of the Philippines, Ferdinand R. Marcos Jr., underscoring the national importance of the successful listing.

Maynilad raised Php 34.34 billion from the offering. The significant proceeds from the sale of primary shares are earmarked to fund MYNLD’s critical capital expenditure program, which includes substantial investments in water and wastewater infrastructure, improvements to customer service information systems, and for general corporate purposes.

PSE President and CEO Ramon S. Monzon cited several key factors that set Maynilad’s IPO apart. “More than the amount, there are a few other things that set Maynilad’s IPO apart from the others,” Monzon stated. “First, Maynilad had two foreign multilateral lenders, ADB and IFC, investing $245 million in its IPO as lead cornerstone investors, clearly disproving the doomsayers’ claim of foreign investor disinterest in our market.”

Monzon continued to highlight the listing’s unique attributes: “Second, Maynilad is the second listed firm supported by MOBILIST (Mobilising Capital through Listed Products), one of the investment vehicles under the British Investment Partnerships program of the UK government. Third, the Securities and Exchange Commission (SEC) had awarded the country’s first Philippine Green Equity label to Maynilad, which affirms the Company’s continuing adherence to sustainability standards. Finally, Maynilad is the first IPO since 2008 where the President of the Philippines will be ringing the bell for its listing.”

Mr. Monzon also lauded the company’s leadership for their continued vision, noting that the success was testament to the firm’s relevant story and capacity to deploy funds for growth. Looking ahead, he called on capital market stakeholders to focus on the economic bright spots. “Inflation is below the government’s target. The IMF and ADB project continued, steady growth for our economy and expect it to remain resilient.”