Maynilad Water Services Inc, the Metro Manila-based water concessionaire, made its debut on the Philippine Stock Exchange on Friday under the ticker MYNLD, marking the country’s largest listing in recent years.
The company raised capital through the sale of 1.66 billion primary shares to public investors, alongside an additional 24.9 million primary shares taken up by major shareholder First Pacific Company Limited. Existing shareholder Maynilad Water Holding Company Inc also sold 354.7 million secondary shares after the upsize option was exercised in full on October 24, 2025.
The proceeds will be used to fund capital expenditure and general corporate requirements, particularly for its expansion of water and wastewater infrastructure.
The offering drew 12 cornerstone investors, including IFC and the Asian Development Bank (ADB).
Maynilad claims to be the operator of the largest water concession in the Philippines and Southeast Asia in terms of active connections and population served for a single concession. It covers 11 cities in Metro Manila and parts of Cavite. It runs 24 water treatment plants and more than 7,000 kilometres of pipelines.
ADB Philippines Country Director Andrew Jeffries said the investment supports long-term water resilience infrastructure in the country, while IFC Philippines Country Manager Amena Arief noted that the IPO also contributes to local capital market development.
The listing fulfils a requirement of Maynilad’s legislative franchise to become a publicly traded company. In December 2021, Maynilad secured a new 25-year legislative franchise (RA 11600) to operate until 2047. One of its key provisions requires the company to list on the Philippine Stock Exchange within five years, effectively turning the IPO from a strategic option into a regulatory obligation.
The company initially prepared for a 2023 listing, but the plan was deferred amid market volatility, high inflation, rising interest rates, valuation pushback, and regulatory compliance considerations.
Maynilad’s eventual listing, attended by the Philippine president, has been closely watched, as the domestic IPO pipeline has been thin, with only two deals priced so far in 2025 and the broader equity capital market still recovering from several years of subdued fundraising activity.
