The UK government’s Mobilist program has made a $10-million cornerstone investment in the initial public offering (IPO) of Maynilad Water Services Inc. on the Philippine Stock Exchange (PSE), highlighting the potential of large-scale Philippine infrastructure firms to raise capital through public markets.
Mobilist joined other major investors including the International Finance Corp. (IFC), the Asian Development Bank (ADB) and various international private sector partners in what is considered one of the largest IPOs in PSE history.
This marks Mobilist’s second investment in the Philippines, following its participation in Citicore Renewable Energy Corp.’s IPO in 2024.
“I am proud that the Philippines is the first country in the world where Mobilist has invested in two listings,” said UK Ambassador to the Philippines Sarah Hulton.
“Through this investment, the UK is not just financing one water utility. We are creating a template for innovative development finance, showing how public markets can unlock investment in critical infrastructure, sustainable development and climate adaptation,” she said.
Since 2023, Mobilist has been working closely with the PSE to support capital market development and mobilize private investment toward sustainability and climate resilience. The investment underscores the potential for increased funding in key sectors such as water utilities and renewable energy.
Maynilad, one of the dominant water providers in the Philippines, serves over 9 million residents across the west zone of Metro Manila, providing sustainable water and wastewater services. Proceeds from the IPO are earmarked to fund the company’s expansion and modernization projects, including the installation of smart sensor networks to improve water management and maintenance efficiency.
As the Philippines ranks first in the World Risk Index for the third consecutive year, the UK continues to collaborate with the country on climate change mitigation through initiatives in renewable energy, the blue economy and other climate adaptation measures.
The UK and the Philippine government are also co-leading the EMDE Public Markets Coalition, launched at the UN’s Fourth Financing for Development Conference (FFD4) in Seville in July 2025.
The coalition, which includes Norway and the African Development Bank, is developing a toolkit to promote greater public-market investment in emerging and developing economies.
