PLDT Inc. Chairman Manuel V. Pangilinan said Wednesday that BSP-licensed digital banking and payments platform Maya is targeting an initial public offering (IPO) in 2027, pushing back an earlier target while pursuing a dual listing on both the Philippine Stock Exchange and the Nasdaq.
Pangilinan told reporters on the sidelines of a financial briefing in Pasig that while foreign shareholders favor listing in the United States, he will insist on a domestic listing on the Philippine Stock Exchange (PSE) to ensure local investors have direct access. The decision follows the Oct. 20 public debut of GCash fintech parent Mynt Inc., which raised ₱60.9 billion on the PSE in the largest initial public offering in Philippine history.
“I made known my preference to the other shareholders that if they want to have a Nasdaq listing, we have no objection, but I think there should be a listing here in the Philippines,” Pangilinan said. “You’ve seen the success of Mynt. They’ve proven that with a quality company like Mynt, they can attract a great deal of demand in their shares.” (Read More: List of Digital Banks With High Interest Rates in the Philippines)
Maya, which reached net profitability in December 2024, contributed ₱559 million to PLDT during the first six months of 2026. Pangilinan acknowledged that while Maya operates at a smaller scale than GCash, its underlying financial position supports a standalone public offering.
The planned transaction aims to raise fresh growth capital for Maya, provide an exit mechanism for early financial backers and allow PLDT to retain its strategic equity stake. (Read More: List: PH Banks With Free InstaPay and PESONet Transfers After BSP Fee Rules)
PLDT and Hong Kong-based investment holding firm First Pacific Co. Ltd. jointly hold a 39.6% stake in Maya. Other major institutional shareholders include private equity firm KKR & Co., Chinese internet conglomerate Tencent Holdings and the World Bank Group’s International Finance Corp.
Pangilinan had previously weighed listing Maya during the second half of 2026. In addition to Maya, PLDT is preparing a first-quarter 2027 domestic listing for its data center subsidiary, VITRO REIT Inc., aiming to raise between ₱20 billion and ₱25 billion after deferring the asset sale due to market volatility.
Disclosure: AI is used to assist in developing this article.
This article is published on BitPinas: PLDT Chairman Manuel Pangilinan Eyes 2027 Dual-Market IPO for Fintech Firm Maya
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