Maya has confirmed plans for a 2027 listing on the Philippine Stock Exchange, as rival GCash is expected to list first.
The update was provided by Maya chair Manuel V. Pangilinan, who addressed the timeline in a media interview, noting that preparations remain on track despite GCash's likely head start.
Maya's chair indicated that a listing within 2026 was unlikely, pointing instead to 2027 as the more realistic target. He compared the process to that of Maynilad Water Services Inc., which required approximately two years of preparation ahead of its own market debut, to illustrate the scale of groundwork a public listing requires. He also noted the importance of having appropriate governance structures and personnel in place before proceeding.
Maya had previously indicated it was considering a dual listing during the second half of 2026, with a US listing expected to take place before its Philippine debut. According to the company's chair, foreign shareholders have expressed a preference for an overseas listing first, citing the larger capital-raising capacity of the US market, while Maya's local shareholders remain committed to a subsequent PSE listing.
Broadening the PSE's technology sector
According to the announcement, a Maya listing would add another technology-linked company to the PSE, which has traditionally been dominated by conglomerates, banks, and companies from established industries. PSE president and CEO Ramon Monzon said the exchange has not yet received a formal listing application from Maya, but described himself as optimistic about the company's prospects after Maya's chair communicated his intention to pursue a dual listing that includes the Philippines.
Monzon said GCash, once listed, would represent the exchange's first significant technology company, with Maya potentially following as a second such listing. He said the prospect of the two companies listing in succession could help attract additional technology firms to the PSE going forward.
Market implications
Should both listings proceed as anticipated, the PSE would gain two prominent digital finance companies within a relatively short period, potentially altering the composition of an exchange historically weighted towards traditional sectors. For Maya and GCash, a PSE listing would extend their capital-raising options beyond private funding rounds and, in Maya's case, beyond an anticipated US listing. Neither company has yet filed a formal listing application with the PSE, according to Monzon, meaning the stated timelines remain subject to regulatory and preparatory milestones ahead.
