March 17 (Reuters) - Hong Kong's First Pacific ( FPAFF )

said on Monday its Philippine affiliate, Maynilad Water

Services, aims to raise up to 49.15 billion pesos ($857.75

million) through an initial public offering.

Under the terms of the deal, Maynilad is offering up to 2.46

billion shares, with an expected offer price of up to 20 pesos

each. The total number of shares being offered represented

30.45% of the company's total outstanding shares.

If approved, First Pacific ( FPAFF ) said the listing would take place

on July 10, with the offer period running from June 25 to July

2.

The company has enlisted banks, including Morgan Stanley ( MS )

and UBS, to assist with a more than $500 million initial

public offering in the Philippines, Reuters reported in January.

In December 2021, the Philippine government granted Maynilad

a 25-year franchise to establish, operate and maintain a

waterworks system, as well as sewerage and sanitation services

in the west zone service area of Metro Manila and the province

of Cavite, according to its website.

Maynilad is the largest private water concessionaire in

the Philippines in terms of customer base.

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, according to data

compiled by LSEG.

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 ( MARUF )

.

($1 = 57.3010 Philippine pesos)