Maya mulls over IPO in 2027

MANILA, Philippines — Digital bank and e-wallet operator Maya is eyeing a potential initial public offering (IPO) next year as it prepares the company for life as a publicly listed firm, according to chair Manuel V. Pangilinan.

Pangilinan said the planned listing remained “on track,” although rival GCash would likely make its stock market debut first.

READ: Maya targets US-first IPO in planned H2 dual listing

Article continues after this advertisement

“I think GCash will really get listed first,” Pangilinan said in a chance interview when asked whether Maya could pursue an IPO this year.

Asked if this meant Maya could list next year, Pangilinan said: “Yes. Hopefully. And we’re also preparing.”

He stressed that preparations for an IPO take time, citing the experience of Maynilad Water Services Inc., which took about two years to prepare for its own market debut.

READ: Middle East war may push back Maya IPO

“Being public is not easy. So, you have to do some preparations for it and have the right people,” Pangilinan said.

Article continues after this advertisement

“So, it’s on track for next year. I would think so,” he added.

The potential IPO could give the Philippine Stock Exchange (PSE) another major technology-related listing as the local bourse seeks to broaden a market long dominated by conglomerates, banks and traditional businesses.

Article continues after this advertisement

In a recent interview, PSE president and CEO Ramon Monzon said the exchange had yet to receive a formal listing application from Maya.

Still, Monzon said he was optimistic about the company’s prospects after Pangilinan personally expressed his intention to bring Maya to the Philippine market.

Quoting Pangilinan, Monzon said the tycoon told him that: “I want to list Maya in the Philippines. I want to do a dual listing.”

Earlier this year, Maya said it was targeting a dual listing by the second half of 2026, with a US offering likely to come ahead of its Philippine market debut.

Pangilinan said foreign shareholders favored an overseas listing, citing the deeper US market for raising capital, while Maya remained keen on pursuing a local listing as well.

What was clear, Monzon said, was the local shareholders’ determination to eventually bring Maya to the PSE.

Monzon also sees the potential debuts of GCash and Maya as an opportunity to draw more technology companies to the local stock market.

He said GCash would provide the PSE with its first “semblance of a tech company” while Maya could follow as the second.

“So, I hope this will start the momentum for listing of tech companies,” Monzon said. INQ