THE Securities and Exchange Commission (SEC) is hoping the P49-billion initial public offering (IPO) of Pangilinan-led Maynilad Water Services, Inc. will proceed by midyear.

“We’re hoping it really pushes through middle of the year,” SEC Commissioner McJill Bryant T. Fernandez told reporters last week.

“We’re waiting for the subsequent submissions in relation to their application,” he added.

Maynilad is targeting an offer period from June 25 to July 2, with a listing date on July 10, based on its latest prospectus dated March 14. The final offer price will be disclosed to regulators on June 24. The IPO will involve up to 2.46 billion common shares priced at a maximum of P20 each.

Despite tariff uncertainties, Maynilad Chairman Manuel V. Pangilinan said the company is pushing through with its market debut this year.

“We have to go public by the early part of 2027. We just want to probably finish and comply with the franchise law of Maynilad. I’d like to encourage them to proceed,” he said.

Maynilad’s legislative franchise requires it to publicly offer at least 30% of its outstanding capital stock by January 2027.

The Philippine Stock Exchange expects six IPOs this year, though only one listing has been completed so far — Cebu-based fuel retailer Top Line Business Development Corp. in April.

On the planned GCash IPO, Mr. Fernandez said the SEC has not had any formal or informal discussions with the mobile wallet platform or its underwriters. He noted that no IPO-related filings have been submitted to the commission.

“Formally or informally, we haven’t had any discussion with GCash,” he said.

Last month, Globe Telecom, Inc. signaled potential delays in GCash’s public listing, citing tariff-related uncertainties. Globe holds a 36% stake in Globe Fintech Innovations, Inc. (Mynt), which operates GCash through G-Xchange, Inc.

In March, the SEC approved a 15% initial public float for select companies seeking to go public through exemptive relief, subject to strict conditions. The move followed a request by GCash for regulatory relief from the 20% minimum public float requirement for IPOs.

Separately, Mr. Fernandez said the SEC is currently reviewing three companies under its strategic regulatory sandbox, established through SEC Memorandum Circular No. 9 issued in April last year.

The sandbox program aims to develop the Philippine financial market by allowing companies to test innovative products and services in a controlled live environment before full-scale adoption.

“We’re looking at three. We have a new one. We have approved the two. We’re just waiting for the respective platforms to be completed. They have to develop their information technology (IT) platform. We want to launch,” he said.

“These will be capital market- and IT-related. Online and capital market. For the third one, it is not approved yet. We raised questions on their proposal, but offhand, we’re favorably considering them, except that we have to refine,” he added.

Metro Pacific Investments Corp., which holds a majority stake in Maynilad, is one of three Philippine subsidiaries of Hong Kong-based First Pacific Co. Ltd., along with Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave