Hong Kong’s First Pacific said on Tuesday that its Philippine affiliate Maynilad Water Services would raise up to 34.33 billion pesos ($590.58 million) in an initial public offering, making it the country’s biggest listing in four years.
Shares of the largest private water concessionaire in the Philippines have been priced at 15 pesos per share.
The initial public offering will be the country’s largest since food maker Monde Nissin’s record IPO that raised $1 billion in 2021.
Majority owned by Metro Pacific Investments Corp, DMCI Holdings and Japan’s Marubeni Corp, Maynilad serves the west zone of Metro Manila and parts of Cavite province.
The offer will open from October 23 till October 29, with trading expected to commence on November 7 on the Philippine Stock Exchange.
Cornerstone investors are likely to buy more than half of the offering, Reuters had reported earlier this month.
In a separate statement, First Pacific said the offering comprises a public offer of 1.66 billion shares, along with reserved, overallotment option and upsize option shares.
The listing adds to a growing pipeline of IPOs in the Philippines, where IPO proceeds more than tripled to $234.1 million last year from $72.9 million in 2023, according to data compiled by LSEG.
Reuters
