Maya targets 2027 IPO debut on PSE

MANILA, Philippines — Digital bank and e-wallet operator Maya is targeting a possible stock market debut next year, even as its bigger rival GCash appears poised to beat it to the Philippine Stock Exchange (PSE), according to Maya chair Manuel V. Pangilinan.

Pangilinan said preparations for an initial public offering (IPO) remained on track, though he acknowledged GCash would likely list ahead of Maya.

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

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Asked if this meant a 2027 listing was more likely, Pangilinan replied: “Yes. Hopefully. And we’re also preparing.”

He noted that going public requires lengthy preparation, pointing to Maynilad Water Services Inc.’s roughly two-year runway ahead of its own market debut as a reference point.

“Being public is not easy. So you have to do some preparations for it and have the right people,” Pangilinan said. “So it’s on track for next year. I would think so.”

Broadening the PSE’s tech roster

A successful Maya listing would give the PSE another major technology-linked name, as the exchange looks to diversify beyond the conglomerates, banks, and traditional industries that have long dominated the board.

PSE president and CEO Ramon Monzon said in a recent interview that the exchange had not yet received a formal listing application from Maya. Still, he said he remained optimistic about the company’s prospects after Pangilinan personally conveyed his intent to bring Maya to the local market.

Monzon quoted Pangilinan as telling him: “I want to list Maya in the Philippines. I want to do a dual listing.”

Maya had earlier said it was eyeing a dual listing by the second half of 2026, with a US offering expected to precede its Philippine debut. Pangilinan said foreign shareholders favored listing overseas first, citing the deeper capital-raising potential of the US market, even as Maya’s local shareholders remained committed to an eventual PSE listing.

Tech listings momentum

Monzon said he saw potential back-to-back debuts from GCash and Maya as a chance to draw more technology firms to the local exchange. GCash, he said, would give the PSE its first “semblance of a tech company,” with Maya potentially following as the second.

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

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