The Asian Development Bank ( ADB ) and the International Finance Corporation ( IFC ) have invested in two significant initial public offerings ( IPOs ) in the Philippines and Thailand, demonstrating their support for the development of capital markets in the region and helping attract investor interest in the transactions.

Both multilaterals are lead cornerstone investors in the IPO of Maynilad Water Services in the Philippines, with the ADB investing US$145 million and the IFC putting US$100 million to enhance water security and improve wastewater services in Metro Manila.

ADB’s investment consisted of US$100 million in peso equivalent taken from the bank’s ordinary capital resources and US$45 million from the Leading Asia’s Private Sector Infrastructure Fund 2 ( LEAP 2 ), an ADB-managed fund with a US$1.5 billion commitment from the Japan International Cooperation Agency.

Maynilad president and CEO Ramoncito Fernandez says the IPO represents the beginning of a new chapter for the company. “Apart from fulfilling one of the terms of our legislative franchise, this IPO enables us to pursue our long-term expansion plans for our water and wastewater businesses,” he notes. “The investments we have received signal confidence in our vision and plans to strengthen our positioning as a pure-play sustainability company, one that aims to continue bringing positive impact and value to our West Zone concession and beyond.”

For ADB Philippines country director Andrew Jeffries, the Maynilad investment highlights the bank’s commitment to helping provide clean, accessible, and reliable water, and safe sanitation services to millions of Filipino households as well as to commercial and institutional users. “The expansion and modernization of water and wastewater infrastructure will contribute to improved climate resilience, public health, economic productivity, and social and economic development,” he says.

Adds IFC country manager for the Philippines Amena Arif: “IFC is pleased to join Maynilad’s IPO as a cornerstone investor, supporting the company’s goal of reaching full wastewater service coverage in the years ahead. This investment reflects our focus on enhancing services for the Filipino population, while also highlighting IFC’s ongoing efforts to bolster capital market activity in the country.”

Climate network

In addition to the financing, Maynilad will join IFC’s Utilities for Climate ( U4C ) network, providing the company with access to global best practices and peer learning to accelerate innovation in climate-smart water service delivery. IFC will support Maynilad as it aims to strengthen its environmental and social practices through capacity building aligned with IFC’s performance standards and as it looks to enhance stakeholder engagement to foster more inclusive stakeholder practices.

IFC will also work with Maynilad on a framework for the company to promote greater participation of women in its workforce and position itself as an employer of choice for women.

The other international cornerstone investors in the Maynilad IPO include abrdn Malaysia, the UK’s Foreign, Commonwealth and Development Office ( through its Mobilist programme ), Maven Investment Partners ( Hong Kong ), Maybank Asset Management Singapore, Robeco Switzerland, and QRT Master Fund – Torus Fund SP.

The domestic cornerstone investors are BDO Capital & Investment Corporation, BPI Asset Management and Trust Corporation, Metropolitan Bank & Trust Company – Trust Banking Group, and Security Banking Corporation – Trust and Asset Management Group.

Largest IPO since 2021

Maynilad is one of two water utility concessionaires awarded by the government-run Metropolitan Waterworks and Sewerage System to operate waterworks and sewerage services in Metro Manila. The company services the West Zone of Metro Manila, which spans 11 cities, three of which Maynilad partially covers, as well as three cities and three municipalities in the province of Cavite, with a combined estimated population of 10.5 million.

Maynilad is only the second company to be listed on the Philippine Stock Exchange in 2025, raising a total of 34.3 billion pesos ( US$582.80 million ). This is the largest IPO in the country since 2021, when Monde Nissin Corporation went public and raised 48.6 billion pesos.

But while the IPO attracted a healthy demand with an oversubscription rate of 2.7 times, Maynilad’s stock price closed lower on its debut trading on November 7 at 14.98 pesos per share – against the IPO price of 15 pesos.

UBS, HSBC, and Morgan Stanley were the joint global coordinators and bookrunners for the transaction. Maybank Securities was appointed joint lead underwriter, while BPI Capital Corporation acted as the domestic lead underwriter. BDO Capital & Investment Corporation, First Metro Investment Corporation, and Security Bank Capital Corporation were the domestic co-lead underwriters, while EastWest Banking Corporation was the domestic participating underwriter.

Anchor investor

IFC also supported the IPO of MR. D.I.Y. Holding ( Thailand ), investing 455.7 million baht ( US$14 million ) as an anchor investor when the company raised 5.6 billion baht in what is Thailand’s largest IPO in 2025. It sold 655 million shares at 8.60 baht each.

Like Maynilad, the IPO is backed by commitments from cornerstone investors, including FIL Investment Management, Lion Global Investors, certain investment funds managed by Fiera Capital ( UK ), InnovestX, and BBL Asset Management.

A leading home improvement and lifestyle retailer with over 1,000 stores across the country, MR. D.I.Y. Thailand plans to use proceeds from the IPO to expand its footprint, including opening at least 500 stores over the next three years ( 2025–2027 ). The company currently has more than 12,000 employees, and the expansion is expected to create even more direct and indirect jobs, including in underserved secondary cities and rural areas of Thailand, where modern retail options are limited. To ensure sufficient operational infrastructure, the company is also planning to expand its warehouse and distribution capacity to support this growth.

Commenting on the IFC investment, IFC country manager for Thailand Yuan Jane Xu says the retail sector is a cornerstone of Thailand’s economy, driving economic growth, employment, and private consumption. “Retail also tends to be the largest sector in second-tier cities and rural areas in the country, providing income and employment where manufacturing and tourism are less developed,” she notes. “This makes it a critical contributor to regional development, improving urban-rural linkages and contributing to inclusive growth.”

MR. D.I.Y. Thailand traded flat on its first day of trading on November 5, closing at its IPO price of 8.60 baht.

The IPO is supported by a strong group of local and international financial institutions, underscoring market confidence in MR. D.I.Y. Thailand’s business and long-term growth potential.

Bualuang Securities and CIMB Thai Bank were the financial advisers for the IPO, while Bualuang Securities and CGS International ( Thailand ) Securities Company were the lead underwriters. Kasikorn Securities and Maybank Securities ( Thailand ) acted as co-underwriters.

On the international side, CIMB, J.P. Morgan Securities, and UBS were the joint bookrunners for the transaction, while CLSA was appointed as a co-manager.