Maya is eyeing a potential initial public offering in 2027 as it prepares for life as a publicly listed company, according to PLDT and Maya chair Manuel V. Pangilinan, as reported by the Philippine Daily Inquirer.

Pangilinan said the timeline remains “on track,” though he expects rival GCash to list first.

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

Asked whether that meant Maya could list next year instead, he said preparations were already underway.

He pointed to Maynilad Water Services’ roughly two-year run-up to its own market debut as a benchmark for how long going public typically takes, noting that becoming a listed company requires significant preparation and the right people in place.

Maya had earlier targeted a dual listing by the second half of 2026, with a US offering expected ahead of its Philippine debut, a structure that was covered earlier this year.

Pangilinan has said foreign shareholders favour an overseas listing for its deeper capital markets, even as Maya’s local shareholders remain determined to eventually bring the company to the Philippine Stock Exchange (PSE) as well.

PSE President and CEO Ramon Monzon said the exchange has yet to receive a formal listing application from Maya.

He said he remains optimistic after Pangilinan personally told him of his intention to list Maya locally as part of a dual listing.

Monzon sees potential listings from both Maya and GCash as a chance to draw more technology companies to a local market still dominated by conglomerates, banks, and traditional businesses.

GCash’s Own IPO Already in Motion

Monzon’s optimism comes as GCash’s own IPO process is already well underway.

Mynt, GCash’s operator, filed a registration statement with the SEC and a listing application with the PSE in June, targeting up to PHP92.3 billion in proceeds at a maximum price of PHP10 per share, a deal that would value the company at roughly PHP669 billion and rank as the largest IPO in Philippine history.

Morgan Stanley, JPMorgan, and UBS are serving as joint global coordinators, with BPI Capital and BDO Capital as domestic lead underwriters.

Featured image: Edited by Fintech News Philippines based on an image by thanyakjj-12 via Magnific.