Latham Advises Maynilad on ₱30 Billion IPO

Latham & Watkins has advised Maynilad Water Services Inc. (Maynilad), the operator of the largest water concession by population served within a single concession area in the Philippines and Southeast Asia, raising approximately ₱30 billion (US$520 million) on its initial public offering (IPO) on The Philippine Stock Exchange. The listing represents the largest IPO in the Philippines since 2021 and one of the largest IPOs in Southeast Asia to date in 2025.

Maynilad’s IPO comprised 1,660,317,400 common shares and 24,904,800 shares allocated to Hong Kong-listed affiliate, First Pacific Company Limited (FPCL), with an additional 354,704,200 secondary common shares sold following the full exercise of the upsize option. The IPO also includes an overallotment option of up to 249,047,600 shares. Notably, the IPO attracted the support of Asian Development Bank and International Finance Corporation as lead cornerstone investors.

The Latham team was led by Hong Kong partner Benjamin Carale, with associate Diana Dizon and Singapore associate Margarita del Rosario. Advice was also provided to FPCL on Hong Kong regulatory matters by Hong Kong partner Terris Tang, with associate Stewart Lai.