Maynilad Water Services' Landmark IPO Debut
Maynilad Water Services made a notable debut on the Philippine stock market, raising 34.3 billion pesos in its most significant listing since 2021. The IPO will fund the company's capital expenditures and corporate projects, with participation from both local and international investors, underscoring Maynilad's commitment to growth and improved service.
In a significant financial event, Maynilad Water Services launched its stock market debut on Friday, raising 34.3 billion pesos. This IPO marks the largest Philippine listing since 2021, drawing attention from both local and international investors.
The utility giant, serving Metro Manila's west zone and parts of Cavite, opened its stock at 15 pesos, aligning with its IPO offer price, before a slight decline to 14.98 pesos. Analysts observed a narrow trading range that highlights the market's cautious optimism, despite a 0.7% drop in the benchmark PSE index.
Proceeds from the IPO are designated for capital expenditure and general corporate purposes, as stated in the company's prospectus. Maynilad President and CEO Ramoncito Fernandez emphasized the milestone as a culmination of years of effort to enhance service quality. Leading the investment are International Finance Corp, the Asian Development Bank, and an array of institutional investors, bringing global standards in sustainability and operational excellence to the firm.
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