MAYNILAD Water Services Inc. continues to talk with banks for its planned initial public offering (IPO), according to its chairman Manuel Pangilinan.
On the sidelines of Management Association of the Philippines (MAP) inaugural meeting in Taguig City yesterday, Pangilinan told reporters the water concessionaire is “busy talking to the banks because (they are required to list by 2027).”
“So we’ll try to put it away this year or, at the latest, next year,” Pangilinan said.
Market observers were valuing the Maynilad IPO at around $1 billion.
Ramoncito Fernandez, Maynilad president, was quoted in newspaper reports on Nov. 11, 2024 as saying the company has appointed three financial advisors — HongKong Shanghai Banking Corp., Morgan Stanley, and UBS — for the IPO.
Fernandez in that report was also quoted as saying Maynilad is targeting a listing of either before or after the elections in May.