Maynilad Water Services Inc.’s long-anticipated stock market debut is still taking shape, with final initial public offering (IPO) terms, including share count and pricing, yet to be locked in, according to chairman Manuel V. Pangilinan.

“The initial numbers, they're all tentative. So, don't be surprised if they adjust it,” Pangilinan said in a chance interview with reporters at the sidelines of the Meralco stockholders meeting on Tuesday.

“But they're close to making a final determination — the number of shares, how many are primary, how many are secondary,” he added.

Pangilinan noted that some shareholders may still decide to sell down part of their holdings. “I think in the next few weeks or by next month, within a range, they will announce the range of prices at which the IPO will be offered. So, just watch for that space,” he added.

The water utility must offer at least 30 percent of its shares to the public by January 2027 as mandated by its concession agreement with the government.

Based on a 14 May preliminary prospectus, Maynilad cut its planned IPO size to P45.8 billion from P49 billion due to market volatility and potentially softer investor demand. The offering now covers up to 2.3 billion common shares, down from 2.46 billion previously, at a maximum price of P20 each.

If the company sticks to its latest timetable, the final offer price will be announced on 30 June, with the offer period set from 3 to 9 July. Maynilad is scheduled to list on the Philippine Stock Exchange main board under the ticker “MYNLD” on 17 July.