By Alexandria Grace C. Magno, Reporter
STRUCTURAL CONSTRAINTS within the Philippine equities market, including thin liquidity, low investor risk appetite, and limited capital-raising prospects, are pushing some firms to contemplate overseas listings to access deeper capital pools and potentially higher valuations, in keeping with market analysts.
“Some firms would list overseas hoping to recover valuations since there can be a greater appreciation of their business models overseas,” April Lynn Lee-Tan, chief equity strategist at COL Financial Group, Inc., said in a Viber message.
Philstocks Financial Research Manager Japhet Louis O. Tantiangco said firms exploring offshore initial public offerings (IPOs) could also be responding to limited capital-raising opportunities within the domestic equities market.
“Local firms considering offshore markets for his or her IPOs may imply that they will not be seeing capital raising opportunities within the local equities market in the intervening time. This may very well be on account of low risk appetite on the a part of investors. Local firms listing abroad may be a way for them to market themselves offshore,” he said in a Viber message.
Unicapital Securities, Inc. Research Head Wendy B. Estacio-Cruz said liquidity constraints within the Philippine market are also encouraging firms to explore overseas listings.
“I feel most of those firms are also exploring the overseas market, especially with the present liquidity here within the Philippines. So, to ensure that them to actually have — especially, for instance, for JFC (Jollibee Foods Corp.), I feel it’s also a plus for his or her investors that they’ve exposure outside the Philippines. So, it’s principally more on the liquidity issue here,” she said.
BDO Securities Corp. President John Tristan D. Reyes said firms looking for listings abroad are sometimes aiming for deeper capital markets and stronger valuations.
“Corporations like JFC and Maya seeking to list overseas show they’re looking for deeper capital markets and better valuations than what the Philippine market can currently provide. JFC’s move reflects a technique to unlock value by separating its domestic and international businesses, with the worldwide arm positioned for stronger growth on a US exchange. Meanwhile, Maya is exploring a US IPO to access higher liquidity and more competitive fintech (financial technology) valuations. Overall, this trend highlights each the growing global ambitions of Philippine firms and the constraints of the local market (thin liquidity, low valuations amongst others),” he said.
Jesus Mariano P. Ocampo, president and chief operating officer of Investment & Capital Corp. of the Philippines (ICCP), said a foreign listing may very well be appropriate for firms with significant international operations.
“For JFC, it would make sense since these are international operations anyway. For Maya, supposedly it’s a giant issue and the Philippine market won’t have the option to soak up it. Further, valuations in other markets are expected to be meaningfully higher than within the Philippines,” he said.
Several firms have recently outlined plans to pursue overseas listings.
In January, JFC announced plans to spin off its international operations from its Philippine business. The corporate intends to list the international business individually on a US securities exchange by late 2027, while the Philippine business will remain listed on the Philippine Stock Exchange (PSE). The move would create two independent entities with distinct strategies and investment profiles.
Jollibee Group Chief Financial Officer Richard Shin said the plan goals to unlock value by improving clarity, transparency, and capital allocation while allowing the international business to access the world’s largest capital marketplace for improved liquidity and valuation.
Meanwhile, financial technology firm Maya is planning a dual listing, in keeping with its chairman Manuel V. Pangilinan, with the corporate aiming to list first in the US after which on the PSE by the second half of the yr.
Maya Innovations, formerly Voyager Innovations Holdings, Pte. Ltd., is the parent holding company of Maya Philippines, Inc. and Maya Bank, Inc.
Maya Philippines is registered with the Bangko Sentral ng Pilipinas (BSP) as an electronic money issuer, remittance and transfer company, operator of payment systems, and virtual asset services provider. Maya Bank is one in all six BSP-licensed digital banks within the country.
Maya’s planned listing is an element of its effort to boost fresh capital while also providing liquidity for existing investors and allowing PLDT Inc. to keep up its stake.
Current shareholders include PLDT and First Pacific, which together hold 39.6%, in addition to KKR & Co., Tencent Holdings, and the International Finance Corp.
Last week, PSE President Ramon S. Monzon said Maya Innovations Holdings’ planned Philippine IPO stays on course for the third quarter this yr despite global market volatility linked to conflicts within the Middle East.
For 2026, the PSE set a modest goal of 4 IPOs, including those of electronic wallet platform GCash and PNB Holdings Corp., which plans to list by means of introduction.
The exchange fell wanting its 2025 goal of six IPOs, recording only two listings throughout the yr — Top Line Business Development Corp. and Maynilad Water Services, Inc.
Hastings Holdings, Inc., a unit of PLDT Helpful Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls.