Maynilad taps UK's Mobilist, IFC, ADB as cornerstone investors for IPO

Maynilad Water Services, Inc. has identified the United Kingdom's Mobilist program as one of the cornerstone investors in its planned initial public offering (IPO).

Mobilist, a flagship program of the UK's Foreign, Commonwealth and Development Office (FCDO), aims to mobilize institutional capital toward sustainable investments in emerging and frontier markets.

Other cornerstone investors identified are the International Finance Corp. (IFC) and the Asian Development Bank (ADB), which are considering investments of $100 million and $145 million, respectively.

Cornerstone investment agreements with IFC, ADB, and Mobilist are subject to final execution and to the final determination of the offer price, requiring that the final offer price does not exceed P15 per share.

Maynilad's IPO will cover up to 1.66 billion common shares, including 24.9 million primary shares and 249.05 million overallotment option shares, priced at up to P20 apiece.