West Zone concessionaire Maynilad Water Services, Inc. has expanded the total number of shares offered in its highly anticipated initial public offering (IPO) following strong investor demand.
After the IPO offer period opened on October 23, 2025, the Joint Global Coordinators and Joint Bookrunners—acting in consultation with Maynilad and its parent company, Maynilad Water Holding Company, Inc.—exercised the upsize option in full. This move adds 354,704,200 common shares to the total offer, all to be sold by the Selling Shareholder.
“We view this as a clear signal of investor confidence in Maynilad’s strong fundamentals and growth trajectory,” said Ramoncito S. Fernandez, Maynilad President and CEO. “We look forward to a successful listing day and to welcoming our new shareholders as we continue to grow and deliver value.”
BPI Capital Corporation serves as the Domestic Lead Underwriter for the offering. The Joint Global Coordinators and Joint Bookrunners are UBS AG Singapore Branch, The Hongkong and Shanghai Banking Corporation Limited, and Morgan Stanley Asia (Singapore) Pte. Ltd., working alongside BPI Capital.
Maybank Securities Pte. Ltd. joins as Joint Lead Underwriter, while BDO Capital & Investment Corporation, First Metro Investment Corporation, and Security Bank Capital Investment Corporation act as Domestic Co-Lead Underwriters. East West Banking Corporation rounds out the underwriting syndicate as Domestic Participating Underwriter.