Maynilad Water Services (MWS) President Ramoncito Fernandez said that MWS has a “franchise that requires [MWS] to list on or before January of 2027” [link], and that all of the group’s efforts (including a P15 billion bonds sale) have resulted in “the momentum building toward an IPO.” Mr. Fernandez said that “timing is crucial” and added, “the ideal window would be after the elections in 2025, or if not, then 2026. So it’s likely between the second half of 2026 and the first quarter of 2026.”
MB BOTTOM-LINE: Nothing much to say about this. Sure, this is a potentially market-altering IPO that will be between P40 billion and P56 billion, but we’ve been talking about it in the “maybe late next year” context for nearly three years now. MWS has until January 2027 to actually get listed, so who’s to say Q1/26 doesn’t slip a few quarters more? I just hope that when they do list, it’s not similar to the clumsy legal apparatus that we got with the Synergy Grid [SGP 9.00 unch; 856% avgVol] legislative listing. Fingers crossed for a clean listing vehicle.
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