Milbank LLP successfully advised the joint global coordinators and joint bookrunners in connection with the Rule 144A/Reg S initial public offering by Maynilad Water Services, Inc. (Maynilad) of 2.3 billion shares that were recently listed on the Philippine Stock Exchange (PSE). Valued at approximately US$607 million (PhP35.3 billion), it is the largest IPO in the country this year and the second largest IPO ever in the Philippines. Milbank advised on the largest IPO in the Philippines, in 2021.
Maynilad is a pure-play and integrated primary provider of sustainable water and wastewater services for the “West Zone,” which spans 11 cities in Metro Manila, three of which it partially covers, as well as three cities and three municipalities in the Cavite Province in the Philippines. The joint global coordinators and joint bookrunners for the IPO included UBS AG Singapore Branch, BPI Capital Corporation, The Hongkong and Shanghai Banking Corporation Limited and Morgan Stanley Asia (Singapore) Pte. Proceeds raised from primary common shares sold in the IPO will be used to fund Maynilad’s capital expenditures requirements and for general corporate purposes.
The Hong Kong-based Milbank team was led by Corporate Finance and Securities partner James Grandolfo, with associates York Wu and Julo Lim. New York-based Tax partner Andrew Walker and associates Michael Rivkin and Blake Rocks assisted the team.
“The scale of the Maynilad IPO highlights renewed investor confidence and the enduring appeal of utility sector investments in the Philippine market,” said Mr. Grandolfo. “Another prominent aspect of the transaction was the participation of major international cornerstone investors, most notably the International Finance Corporation and the Asian Development Bank. This is the first time that ADB or IFC have participated as a cornerstone investor in a Philippine IPO and underscores both the credibility of Maynilad and the strategic importance of the water utility sector.”
Milbank was recently named "Philippines Foreign Law Firm of the Year 2025" by Asian Legal Business, reflecting the firm's strong track record in the Philippines. The Hong Kong-based capital markets team has advised on several recent notable transactions in the Philippines, including Hotel101 Global Holdings Corporation's successful listing on Nasdaq, the first Filipino-owned company to be listed and traded on the exchange; Citicore Renewable Energy Corporation's IPO; and BPI Capital Corporation's largest-ever notes offering in a single transaction. The firm has also advised on significant Philippine M&A transactions, including Actis' acquisition of a majority stake in the Terra Solar project, one of the world's largest solar-plus-storage projects; Metro Pacific Investments Corporation's sale of its indirect stake in Philippine Coastal Storage & Pipeline Corporation; and AC Health's investment from ABC Impact, ABC Impact's first direct entry into the Philippine healthcare sector.
