MOBILIST invests in water utility IPO in the Philippines
London/Manila. The UK’s MOBILIST programme acted as a cornerstone investor in the initial public offering (IPO) of Maynilad Water Services on the Philippine Stock Exchange (PSE). Raising $590 million, the IPO is the second largest ever achieved on the PSE and mobilises private investment for critical water infrastructure in Manila. President of the Philippines, Ferdinand Marcos Jr, attended the listing ceremony at the exchange on Friday morning.
Maynilad provides sustainable water and wastewater services for the West Zone of Metro Manila, providing essential water services to over 9 million people in Metro Manila. The capital raised through the listing will be used to upgrade and expand the city’s water infrastructure. This includes implementing networks of sensors to identify the precise locations of maintenance needs to manage the water supply more effectively.
MOBILIST invested $10 million, alongside the International Finance Corporation (IFC), the Asian Development Bank (ADB), and a diversified book of private sector investors.
As a cornerstone investor, MOBILIST is able to signal that large-scale infrastructure companies in the Philippines can successfully access public equity capital and that investments in sectors like water infrastructure, renewable energy, and sustainable development can deliver competitive returns while delivering massive social impact. Public markets – which channel more than $250 trillion in capital flows each year – are the key to unlocking this at scale.
His Majesty’s Ambassador to the Philippines, Sarah Hulton OBE, said: “I am proud that the Philippines is the first country in the world where MOBILIST has invested in two listings. But with this investment, the UK is not just financing one water utility. Through MOBILIST, we are creating a template for innovative development finance, demonstrating how public markets can unlock investment in critical infrastructure, sustainable development and climate adaptation.”
Ramoncito S. Fernandez, President and CEO of Maynilad, said: “This marks the beginning of a new chapter for Maynilad. Apart from fulfilling one of the terms of our legislative franchise, this IPO enables us to pursue our long-term expansion plans for our water and wastewater businesses. The investments we have received signal confidence in our vision and plans to strengthen our positioning as a pure-play sustainability company, one that aims to continue bringing positive impact and value to our West Zone concession, and beyond.”
This is MOBILIST’s second investment in the Philippines, following the programme’s support for the IPO of Citicore Renewable Energy Corporation last year. Through that investment, the programme wanted to demonstrate that renewable energy companies in the Philippines could raise capital through listed markets. By investing alongside commercial investors, MOBILIST helped to prove that this model works.
MOBILIST has had a sustained presence in the Philippines, partnering with the PSE since 2023, supporting the development of the Philippines’ capital market and the use of listed products to mobilise private capital toward sustainable development and the climate transition.
Maynilad addresses a widespread and acute need for access to basic infrastructure. More than half of the population in the Philippines doesn’t have access to a safely managed water supply. According to the National Economic and Development Authority, the country will need to invest over $18 billion to achieve universal access to water supply and sanitation by 2030. Investment in sustainable water infrastructure is also considered crucial for climate adaptation in the Philippines, as climate change is expected to lead to prolonged and severe droughts, putting pressure on water supplies.
Last month, the Philippines topped the World Risk Index for the third consecutive year. The Index indicates the disaster risk from extreme natural events and negative climate change impacts for 193 countries. The UK is partnering with the Philippines through a range of initiatives that support climate adaptation and sustainability across various sectors, including renewable energy and the blue economy.
The Governments of the UK and the Philippines are also partnering on the ‘EMDE Public Markets Coalition’ launched at the UN’s Fourth Financing for Development Conference (FFD4) in Seville in July this year. The Coalition, including the Government of Norway, the African Development Bank and others, will develop a Toolkit for MDBs, DFIs, and investors to facilitate greater investment in EMDEs through public markets, with a view to unlocking development finance at scale.