Philippine water company Maynilad files preliminary prospectus for planned IPO

MANILA/SINGAPORE, Oct 6 (Reuters) – Maynilad Water Services Inc said it had submitted a preliminary prospectus for its planned initial public offering to the Philippine Stock Exchange and corporate regulator, moving closer to what could be the country's biggest listing this year. The filing contains details on its business and financial accounts and kicks off preparations for institutional investor roadshows in the coming days, the Philippine water utility said in a statement late on Sunday. The submission of its preliminary prospectus marks another step in its mission to deliver safe, sustainable and reliable water and wastewater services, Maynilad President and CEO Ramoncito Fernandez said in the statement. The company's statement did not say how much it planned to raise in the IPO. Reuters in January reported that Maynilad had enlisted banks, including Morgan Stanley and UBS , to assist with a more than $500 million IPO in the Philippines. The company initially targeted a July debut but later postponed the listing, first to October and then to no later than November 7, according to disclosures on its website. Under its 25-year concession, Maynilad must list shares by January 2027. Majority owned by Metro Pacific Investments, DMCI Holdings and Japan's Marubeni, the utility serves Metro Manila's west zone and Cavite province. The IPO proceeds will fund water and wastewater projects, network expansion and system upgrades, according to its preliminary prospectus. (Reporting by Karen Lema in Manila and Yantoultra Ngui in Singapore; Editing by Jamie Freed)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)