SINGAPORE (Reuters) - Maynilad Water Services has hired banks including Morgan Stanley and UBS to work on a more than $500 million initial public offering in the Philippines, according to two sources with knowledge of the matter.
The IPO is expected to hit the market as early as this year, or in 2026, and would likely value the Philippine water and wastewater services company at more than $3 billion, the sources told Reuters on Wednesday, declining to be named as the matter was private.
Maynilad did not respond to a request seeking comment on the IPO on Thursday.
Morgan Stanley and UBS declined to comment.
The planned listing adds to a growing pipeline of IPOs in the Philippines, where IPO proceeds surged sharply to $234.1 million last year, from $72.9 million in 2023, LSEG data showed.
Maynilad is the largest private water concessionaire in the Philippines in terms of customer base, according to its websites.
The Quezon City-based company provides water and wastewater services to the 17 cities and municipalities that comprise the west zone of the metropolitan Manila area, its websites showed.
Maynilad is managed by Maynilad Water Holdings Company, a joint venture between infrastructure conglomerate Metro Pacific Investments Corp, construction-to-nickel mining group DMCI Holdings and Japanese trading company Marubeni Corp, according to its website.
The consortium took control of Maynilad in January 2007.
(Reporting by Yantoultra Ngui; Additional reporting by Karen Lema in Manila; Editing by Rashmi Aich)
By Yantoultra Ngui