A Maynilad water treatment facility.

Maynilad Water Services—controlled by Indonesian billionaire Anthoni Salim-backed Metro Pacific Investment—will raise 38.6 billion pesos ($694 million) from its IPO.

Under the IPO, which was approved by the Securities and Exchange Commission on Friday, Maynilad Water will sell 1.9 billion shares in a primary offering at 20 pesos apiece. The maiden share sale includes an over allotment option of up to 249 million shares and a........

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