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Manila Bulletin devider Business devider The Stock Market devider UK's MOBILIST joins ADB, IFC to back Maynilad IPO

UK's MOBILIST joins ADB, IFC to back Maynilad IPO

Published Oct 5, 2025 07:54 pm
Aside from lead cornerstone investors International Finance Corp. and Asian Development Bank (ADB), Maynilad Water Services, Inc. has signed cornerstone investment agreements with 10 more international and domestic institutions led by the UK’s Foreign, Commonwealth and Development Office, acting through its Mobilising Capital through Listed Products (MOBILIST).
Maynilad announced on Sunday, Oct. 5, that it has submitted its preliminary prospectus for its planned initial public offering (IPO) with the Philippine Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE), paving the way for the start of its roadshow to institutional investors in the coming days.
The international cornerstone investors are led by MOBILIST and include abrdn Malaysia Sdn Bhd, Maven Investment Partners Ltd-Hong Kong Branch, Maybank Asset Management Singapore Pte. Ltd., Robeco Switzerland Ltd., and QRT Master Fund SPC-Torus Fund SP.
The Domestic Cornerstone Investors are BPI Asset Management and Trust Corporation, Metropolitan Bank & Trust Company, BDO Capital & Investment Corporation, and Security Bank Corporation-Trade and Asset Management Group.
Maynilad said each of the Cornerstone Investors has entered into a cornerstone investment agreement with the Company and the International Underwriters or Lead Domestic Underwriter to purchase Offer Shares at the finally determined Offer Price.
Each Cornerstone Investment Agreement contains certain conditions precedent to the relevant Cornerstone Investor’s obligation to subscribe for Offer Shares, including but not limited to, the Domestic Underwriting Agreement and the International Purchase Agreement not having been terminated.
IFC is investing up to $100 million at a subscription price of up to ₱15 per share, while ADB is considering an investment of $145 million, also at a maximum of ₱15 per share.
Robeco is investing up to $20 million with no indicated maximum price, while MOBILIST and BDO Capital are subscribing at up to ₱15.00 per share with no committed amount. No committed amount or maximum price has been disclosed for the other cornerstone investors.
The submission of Maynilad’s prospectus forms part of the firm’s ongoing compliance with regulatory requirements in connection with the proposed IPO.
“We are proud to reach this point in Maynilad’s story. Our journey has always been guided by a clear mission—to deliver safe, sustainable, and reliable water and wastewater services to our customers,” said Maynilad President and CEO Ramoncito S. Fernandez.
He added, “The submission of our preliminary prospectus marks another step in that mission, as we open the door for broader public participation while continuing to comply with all regulatory processes.”
The firm noted that the IPO remains subject to compliance with regulatory requirements as outlined in the SEC’s pre-effective letter and the PSE Notice of Approval.
Maynilad is offering a total of 2.29 billion shares for up to ₱20 per share, consisting of a primary offer of 1.66 billion new common shares, a preferential offer to First Pacific Company of 24.9 million new shares, an upsize option of 354.7 million secondary shares of shares owned by existing shareholders, and an overallotment option of up to 249.05 million shares.
Proceeds from the offering of new shares will be used to fund Maynilad’s capital expenditure program for 2025-2026, which consists of three major pillars: water capex, wastewater capex, and customer service and information system projects capex. A portion of the proceeds may also be allocated for general corporate purposes.
The IPO will be priced on Oct. 20 and the offering period will run from Oct. 23 to Oct. 29, 2025, with listing at the PSE on Nov. 7, 2025.

Related Tags

Maynilad Water Services Inc. Ramoncito S. Fernandez Asian Development Bank (ADB) International Finance Corporation (IFC) UK Foreign Commonwealth and Development Office Mobilising Capital through Listed Products (MOBILIST)
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