SEC OKs Maynilad IPO

MANILA, Philippines –  The Securities and Exchange Commission (SEC) has given the green light for the initial public offering (IPO) of concessionaire Maynilad Water Services Inc. next month, paving the way for the country’s second stock market debut this year.

In a statement on Monday, the SEC said its commission en banc had approved Maynilad’s IPO covering 1.93 billion primary shares and 354.7 million secondary shares.

READ: Maynilad trims IPO size 

The shares will be priced at up to P20 each. Should the overallotment option of up to 249 million shares be fully exercised, Maynilad could raise up to P37.41 billion from its listing.

“Proceeds will be used to fund Maynilad’s capital expenditures and for corporate general purposes,” the SEC said.

The offer period will run from July 3 to 9, and the shares are set to be listed on the main board of the Philippine Stock Exchange on July 17.