Latham & Watkins Advises Maynilad on ₱30 Billion IPO

"Latham & Watkins advised Maynilad Water Services Inc. on its initial public offering on the Philippine Stock Exchange that raised approximately ₱30 billion (US$520 million) and provided Hong Kong regulatory advice to First Pacific Company Limited (FPCL). The offering included primary and secondary shares, an overallotment option, and attracted Asian Development Bank and IFC as lead cornerstone investors."

Latham & Watkins advised Maynilad Water Services Inc. and provided Hong Kong regulatory advice to First Pacific Company Limited (FPCL) in connection with Maynilad’s initial public offering on the Philippine Stock Exchange. The transaction comprised an IPO that raised approximately ₱30 billion (US$520 million). The listing is the largest IPO in the Philippines since 2021 and one of the largest IPOs in Southeast Asia to date in 2025. The IPO comprised 1,660,317,400 common shares and 24,904,800 shares allocated to FPCL, with an additional 354,704,200 secondary common shares sold following the full exercise of the upsize option. The offering also included an overallotment option of up to 249,047,600 shares. The offering attracted the support of the Asian Development Bank and the International Finance Corporation as lead cornerstone investors. Latham & Watkins represented Maynilad Water Services Inc. with a team composed by: Benjamin Carale (Hong Kong partner), Diana Dizon (associate) and Margarita del Rosario (Singapore associate). Latham & Watkins represented First Pacific Company Limited (FPCL) on Hong Kong regulatory matters with a team composed by: Terris Tang (Hong Kong partner) and Stewart Lai (associate).

Latham & Watkins Advises Maynilad on ₱30 Billion IPO

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