MPTC parks IPO, builds up for better debut

Metro Pacific Tollways Corp. (MPTC) is hitting the brakes on its planned initial public offering (IPO) as it prioritizes debt servicing and the completion of major expressway projects, a move it said will pave the way for a stronger market debut.

“The need for an infusion of equity is still there but we have prioritized the debt servicing arrangements for the maturities that are going to be expected this next 12 months,” MPTC president and CEO Jose K. Ma. Lim said in an interview with reporters, adding that three financing facilities are being lined up to meet upcoming obligations.

Lim said the company is also racing to finish the remaining sections of the Cavite–Laguna Expressway (CALAX) and the Cebu–Cordova Link Expressway (CCLink), which he believes will “greatly improve the prospects for the listing.”

ROW constitutes drag

Right-of-way issues, however, continue to slow progress. “As of now, the range has delayed us. The right-of-way is not fully delivered on several sections of the unbuilt parts,” Lim said.

The CALAX section up to Governor’s Drive is set for completion within the year, while two other segments may extend into the first quarter of 2026, alongside the completion of CCLink’s remaining works.

Lim stressed that clearing debt obligations and completing flagship projects will set the stage for a more favorable IPO environment. “All these will make the prospects of the listing,” he said.

MPTC had targeted its IPO launch for this year, about two years behind its original 2023 schedule.

The company holds concession rights for the Cavite–Laguna Expressway, Cavite Expressway, North Luzon Expressway, NLEX Connector Road, Subic–Clark–Tarlac Expressway, and the Cebu–Cordova Link Expressway in Cebu.