Pangilinan, who chairs Maya, said the offering was now unlikely to happen this year, pushing back an earlier target of the second half of 2026.
“You’ve seen the success of Mynt. And they’ve proven that for a quality company like Mynt, they can attract a great deal of demand to their shares,” Pangilinan said on the sidelines of Manila Electric Co.’s quarterly earnings briefing on Wednesday.
“Maya is not on the same scale as Mynt, but I think it can be a successful issue, appropriate to their size,” he added.
GCash changes the equation
The billionaire remains open to a Nasdaq listing but wants Filipino investors to have a chance to participate in Maya’s growth.
But he also acknowledged the final venue depends on other shareholders of Maya.
The PLDT Group and its parent, Hong Kong-based First Pacific, own about 39 percent of Maya, while other investors include China’s Tencent, KKR and the International Finance Corp.
“My preference to the other shareholders is 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.
More IPOs in the pipeline
Meanwhile, the planned IPO of PLDT’s VITRO data center business could happen in 2027 after its fourth-quarter debut was delayed, Pangilinan said.
A tollways IPO could follow the planned merger of Metro Pacific and San Miguel’s expressway businesses, although Pangilinan said the companies were still negotiating valuations and hoped to sign a deal before year-end.
He also sees potential in listing Metro Pacific’s hospital network, although the group owns only 20 percent and the decision rests with its majority shareholders.
With Maya and VITRO both potential candidates for 2027, Pangilinan said, “I think two major companies a year is not so bad.”
—Edited by Miguel R. Camus
