Maynilad Water Services—a unit of Indonesian billionaire Anthoni Salim-backed Metro Pacific Investments—may sell shares in its maiden share sale below its targeted top IPO price range, analysts say.

The company—which provides water utility services to 17 cities and municipalities in western Metro Manila and parts of Cavite province, south of the capital—plans to sell as much as 1.9 billion shares at up to 20 pesos ($0.34) apiece in the maiden share sale, according to the IPO prospectus it filed with regulators on Friday. However, the price will likely be capped at 15 pesos apiece as prospective cornerstone investors, including the International Finance Corp., Asian Development Bank and BDO Capital & Investment, one of the IPO’s underwriters, committed to buy shares at not more........

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