Maynilad IPO Anchored by IFC, ADB, Set to Be Philippines' Largest

Bloomberg.com reports that the International Finance Corporation (IFC) and the Asian Development Bank (ADB) are set to become cornerstone investors in Maynilad Water Services Inc.'s initial public offering (IPO). This transaction is poised to be the Philippines' largest IPO this year. According to a source familiar with the matter, these multilateral banks have reached an agreement to invest, ensuring the IPO proceeds as scheduled for next month. Maynilad aims to raise up to 45.8 billion pesos, or approximately $802 million, through this public share sale. This figure would establish it as the largest IPO in the Philippines this year. The participation of the IFC and ADB as cornerstone investors is significant. Typically, these entities commit to purchasing a substantial portion of shares prior to the public offering, thereby providing a strong vote of confidence and a stable foundation for this major financial transaction. Information regarding the investment agreement was provided by an individual with direct knowledge of the private discussions. The confirmation of these development banks' commitment solidifies Maynilad's trajectory toward its stock market listing and is expected to attract considerable interest from other institutional and retail investors.