Metro Pacific's Maynilad Water IPO Set for Philippine Stock Exchange
Metro Pacific Investments, backed by Indonesian billionaire Anthoni Salim, is set to debut Maynilad Water Services on the Philippine Stock Exchange. The initial public offering (IPO) has been postponed from July, with shares now expected to hit the market at a later date.
The water utility provider, serving 17 cities and municipalities in western Metro Manila and Cavite, aims to sell up to 1.9 billion shares. Initially planned for July, the IPO has faced delays, with the new timeline yet to be announced.
The company has set a price cap of 15 pesos per share, due to commitments from cornerstone investors. This is below the targeted top range of 20 pesos ($0.34) per share. At the capped price, the IPO is valued at 28.5 billion pesos ($489 million).
Metro Pacific, privately held, has diverse interests including hospitals, tollroads, agriculture, electricity generation, and distribution. Its subsidiary, Maynilad Water, is led by CEO Ramoncito Fernandez, despite facing an ongoing corruption investigation.
Metro Pacific's IPO of Maynilad Water Services is expected to raise significant funds, despite the share price being below the targeted top range. The listing proceeds while the company is under investigation, marking a significant development in the Philippine business landscape.
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