Maya plans US, Philippine dual listing for 2026 IPO

FINANCIAL TECHNOLOGY (fintech) firm Maya is targeting an initial public offering (IPO) in the second half of the year, with plans to list first in the United States and then on the Philippine Stock Exchange (PSE), Chairman Manuel V. Pangilinan said.

“Our target is to pursue a dual listing. That is what our foreign shareholders want, but we are insisting on the Philippine market as well,” Mr. Pangilinan told reporters on the sidelines of an event on Wednesday.

The IPO is part of Maya’s plan to raise new capital while allowing existing investors to exit and enabling PLDT Inc. to maintain its stake in the digital fintech company.

“PLDT and First Pacific together own a 39% stake. We want preemptive rights to the new share issue to maintain our stake at 39.6%. We are prepared to subscribe to the untaken portion of the primary offering,” he said.

Mr. Pangilinan added that while the IPO is expected this year, the timeline remains uncertain. “It does not mean it will happen, but that is the target,” he said.

China Bank Capital Corp. Managing Director Juan Paolo E. Colet said the dual listing is a “good option to support the local stock market,” allowing more Filipinos to participate in the offering.

“The dual listing route will also enable Maya to access the highly liquid and sophisticated US equity market, which provides opportunities for better price discovery and more robust bookbuilding,” he said in a Viber message.

Maya’s existing shareholders include PLDT and First Pacific, which together hold 39.6%, as well as KKR & Co., Tencent Holdings, and the International Finance Corp.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose