MANILA -- Maynilad Water Services is still mapping out the details of its initial public offering, the parent of the utility firm disclosed to the stock market on Monday.

The water service provider was responding to a BusinessWorld report that it is considering an IPO in Manila that could raise between $750 million to $1 billion.

The report said Maynilad could be valued at as much as $4 billion in the listing.

"We confirm that Maynilad has commenced preparations on its Initial Public Offering, which is a requirement under its legislative franchise," Metro Pacific Investments Corporation (MPIC)--Maynilad's parent company--told the Philippine Stock Exchange.

"However, the final terms of the IPO, including the valuation of Maynilad, are still currently being studied," it added.

Maynilad President Ramoncito "Mon" Fernandez earlier said the concessionaire's franchise mandated that a minimum of 30 percent of shares should be offered to the public.

• Maynilad says preparing for 2025 IPO plan

Maynilad services the west zone area of Metro Manila and parts of Cavite.

MPIC meanwhile filed for voluntary delisting in August.

• Metro Pacific formally files voluntary delisting with PSE

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