FINANCIAL TECHNOLOGY (fintech) firm Maya is targeting an initial public offering (IPO) within the second half of the 12 months, with plans to list first in the USA after which on the Philippine Stock Exchange (PSE), Chairman Manuel V. Pangilinan said.
“Our goal is to pursue a dual listing. That’s what our foreign shareholders want, but we’re insisting on the Philippine market as well,” Mr. Pangilinan told reporters on the sidelines of an event on Wednesday.
The IPO is a component of Maya’s plan to lift recent capital while allowing existing investors to exit and enabling PLDT Inc. to take care of its stake within the digital fintech company.
“PLDT and First Pacific together own a 39% stake. We wish preemptive rights to the brand new share issue to take care of our stake at 39.6%. We’re prepared to subscribe to the untaken portion of the first offering,” he said.
Mr. Pangilinan added that while the IPO is predicted this 12 months, the timeline stays uncertain. “It doesn’t mean it’s going to occur, but that’s the goal,” he said.
China Bank Capital Corp. Managing Director Juan Paolo E. Colet said the twin listing is a “good choice to support the local stock market,” allowing more Filipinos to take part in the offering.
“The twin listing route may even enable Maya to access the highly liquid and complex US equity market, which provides opportunities for higher 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%, in addition to KKR & Co., Tencent Holdings, and the International Finance Corp.
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