Philippines’ Maynilad Said to Explore $300 Million Pre-IPO Round

Maynilad Water Services Inc. is considering raising about $300 million in a funding round before a potential initial public offering that could take place as soon as 2025, according to people with knowledge of the matter.

HSBC Holdings Plc has been picked to assist with the pre-IPO round to sell less than 10% of the company’s equity, the people said. HSBC has also been tapped with Morgan Stanley for the possible first-time share sale in Manila, said the people, asking not to be identified as the process is private.

Maynilad is seeking a valuation of $3 billion to $4 billion ...