MANILA -- Maynilad has applied for listing in the Philippine Stock Exchange, the water distribution utility said on Monday.

In a statement, Maynilad said the IPO will involve up to 2,457,290,000 common shares at a maximum offer price of P20 per share, or around P49.14 billion.

Of these, 1,775,381,900 primary common shares are for public offering, while 36,314,600 primary common shares will be offered to First Pacific Company Limited.

The company however also noted that the final number of shares and pricing remain indicative and will be determined after the book-building process and the completion of regulatory approvals.

There will also be an overallotment option of up to 266,307,300 primary common shares, and an Upsize Option of up to 379,286,200 common shares. 

This represents 30.45 percent of Maynilad’s total issued and outstanding capital stock after the IPO.

Proceeds of the IPO will be spent on Maynilad's capital expenditure. The utility said its capex has three pillars: water, wastewater CAPEX, and customer service & information system projects.

Once approved by the state bourse and the Securities and Exchange Commission (SEC), the offer period may be set for June 25 to July 2, with the listing on July 10.

BPI Capital Corporation, HSBC, Morgan Stanley, and UBS are the joint global coordinators and joint bookrunners for the IPO. BPI Capital Corporation is also the domestic lead underwriter.

Maynilad distributes water to the west zone of Metro Manila and Cavite.