Maynilad Water Services, Inc. is seeking regulatory approval to move its planned initial public offering (IPO) to no later than the end of October to accommodate strategic cornerstone investors who requested more time to complete internal approvals.

In a statement late Sunday, the West Zone water concessionaire said it submitted a revised IPO timetable to the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE) to allow these investors' participation.

“The potential participation of these investors is expected to add even more value to Maynilad’s public offering and will be viewed positively by all investors and the markets at large. These investors have conveyed strong and sustained interest in participating in the offering,” the company said.

Despite the delay, Maynilad assured that it is proceeding with all requirements for its planned listing on the PSE Main Board under the trading symbol “MYNLD.”

The offering remains subject to the SEC’s issuance of the Order of Registration and Certificate of Permit to Offer Securities for Sale, as well as full compliance with all regulatory conditions.

The company was cleared by the SEC in May to launch its IPO, which could raise up to P37.41 billion. The offer was originally scheduled to run from 3 to 9 July, with the listing set for 17 July.

Maynilad’s approved registration statement covers up to 1.93 billion primary shares and 354.7 million secondary shares. The offering, priced at up to P20 per share, includes an overallotment option of 249 million shares and a preferential offer of nearly 25 million shares, pending final regulatory compliance.

Maynilad’s share of the proceeds will fund capital expenditures and general corporate purposes. The approved offer size, however, was lower than the earlier P49 billion target.

BPI Capital Corporation is serving as the domestic lead underwriter, while The Hong Kong and Shanghai Banking Corporation Limited, Morgan Stanley Asia (Singapore) Pte., and UBS AG, Singapore Branch are acting as international underwriters.