IPO-bound Tubig Pilipinas on track with IPO
Tubig Pilipinas Group Inc. (TPGI), a water systems developer led by its president Ryan Yapkianwee, has beefed up its war chest following an investment from an FMO- and European Union-backed ESG Fund.
The investment, which is the equivalent of $90 million, marks the first investment of the fund in the Philippines and comes after a thorough due diligence on the company late last year. ESG Funds are focused on projects that improve factors related to the environment social, and governance.
The investment boosts Tubig Pilipinas financial muscle to expand even as it remains keen on listing on the Philippine Stock Exchange (PSE) as early as 2024 or in 2025, Yapkianwee told The STAR.
“Things are looking good,” he said, noting that aside from the ESG Fund, another big-ticket investment is also coming in.
Incorporated in 2014, TPGI envisions to improve and provide water services to the unserved and underserved Filipinos by providing water distribution, bulk water supply, and wastewater treatment services and facilities across key areas outside of Metro Manila – providing water for every Filipino.
At present, the company has some 19 water projects in different municipalities and cities around the country with a target to have close to 30 projects this year.
These water distribution projects are in Luzon and in Visayas and soon, in Mindanao.
Tubig Pilipinas’ projects consist of providing water and building sanitation services.
Its long term vision is to help the still underserved 100 million people.
Moving forward, Yapkianwee said the target is to bring to 100 its total number of water projects, which the company may achieve in the next five to ten years.
“We don’t want to bite off more than we can chew, so we will continue to expand and expand, but I don’t see us going more than a 100,” he said, adding that the company would keep to a certain level where it is able to maintain its quality of service.
The company currently operates, manages, and rehabilitates a number of waterworks, sewage and sanitation systems and services to improve the delivery of critical water resources to over 100 million unserved and underserved Filipinos in urban and rural high-growth areas in the Philippines.
TPGI operates water supply and distribution systems in Trece Martires (Cavite), Cadiz City (Negros Occidental), Labrador (Pangasinan), and Sual (Pangasinan).
The company also provides bulk water supply in Bacolod City, and has joint venture agreements with the local governments of Coron (Palawan), Calbayog (Samar), Mandaue (Cebu), Nabua (Camarines Sur), Borbon (Cebu), and San Jose (Nueva Ecija).