PLDT Seeks US and Local IPO for Maya

Bloomberg noted that the Philippine telecommunications provider PLDT Inc. intends to list its financial technology division, Maya, in both the United States and the Philippines.

According to PLDT Chairman and Chief Executive Officer Manuel Pangilinan, the overseas public offering could occur as early as this year.

The company will likely execute the US launch ahead of the local offering to tap into the deeper capital pool available for these technology enterprises.

Foreign investors backing the digital bank and payment platform, including Tencent Holdings Ltd., KKR & Co., and the World Bank’s International Finance Corp., favour a US listing.

However, Pangilinan reinforced the domestic commitment, stating,

The initial public offering aims to generate new capital whilst offering current shareholders an exit route. KKR, which initially invested in 2018, could use this event to divest.

Conversely, PLDT and its parent company, First Pacific Co. Ltd., which together hold nearly a 40% stake, do not plan to sell.

Although Maya currently trails its competitor GCash in revenue, its financial contribution to PLDT continues to grow.

Reports indicate GCash’s parent, Mynt, is also targeting a Manila listing but it is yet to be decided when.

Featured image: Edited by Fintech News Philippines based on an image by mkmult via Freepik.

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