Maynilad IPO Set to Be Philippines’ Largest in Four Years

Maynilad Water Services, one of the Philippines’ leading water and wastewater providers, is gearing up for a landmark initial public offering (IPO) that could raise up to $437 million, making it the nation’s largest listing in four years. The company has begun accepting orders from institutional investors, signaling renewed momentum in the country’s IPO market, which has seen limited activity this year.

The offering includes a primary sale of up to 1.66 billion shares, along with a preferential allotment of 24.9 million shares. The IPO may expand to $593 million through overallotment and upsize options, potentially valuing Maynilad at $1.6 billion. Shares are being marketed at 14 to 15 pesos ($0.24), slightly below the previously targeted 20 pesos, aiming to balance investor interest with company valuation.

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Significant cornerstone investors have already committed to the IPO, including the Asian Development Bank with up to $145 million, and the International Finance Corporation with up to $100 million. Other participants include Robeco, Maven Investment Partners, and the UK’s Foreign, Commonwealth and Development Office.

Maynilad operates across 11 cities in Metro Manila and extends services to three cities and three municipalities in Cavite Province. The company reported a net income of 7.5 billion pesos in the first half of 2025, marking a 19% increase compared to the same period last year. Proceeds from the IPO will be used for capital expenditures and general corporate purposes, supporting ongoing infrastructure expansion and service improvements.

Orders from institutional investors will be accepted until as early as October 17, followed by retail investor subscriptions from October 23 to 29. The IPO is expected to be priced on October 20, with shares slated to begin trading on November 7.

This IPO is expected to inject significant activity into the Philippine stock market, raising hopes for a more active year ahead, given that only one listing in 2025 has raised $12.5 million so far. Analysts anticipate that Maynilad’s offering could rekindle investor confidence and set a benchmark for future infrastructure-related public offerings in the region.