Maya IPO plans draw valuation cue from Mynt market debut

Traders Union
All News
Business & Wealth
Companies
Maya IPO valuation benchmark

Highlights

GCash parent Mynt's IPO sets a valuation benchmark for Maya's planned 2027 listing, with Maya potentially affected by GCash's future share performance.
Maya targets a 2027 IPO in the Philippines but remains open to a U.S. listing, seeking capital and providing a liquidity event for investors while PLDT maintains its 39% stake.
Investor interest in Maya's IPO hinges on its profitability, customer monetization, and lending growth, especially if interest rates stabilize and domestic market conditions strengthen by 2027.

Valuation benchmark for Maya's 2027 listing

As reported by BusinessWorld Online, analysts say the recent listing of Mynt, the parent company of GCash, could serve as a reference point for Maya's planned IPO in 2027, although the performance of GCash shares is likely to influence investor sentiment. They say any slowdown in GCash's growth or a lower market valuation could make it harder for Maya to support a similar pricing target.

COL Financial Group, Inc. Research Analyst Paolo Miguel Manansala says GCash's IPO has established a favorable benchmark that Maya is aiming to replicate. He adds that a dual listing could help Maya reach its target valuation by broadening its investor base and improving liquidity, especially as PLDT owns only 39% of the company.

Maya Chairman Manuel V. Pangilinan recently says the company is targeting a 2027 IPO, with a preference for a Philippine listing while remaining open to a possible U.S. listing. The planned share sale is intended to raise fresh capital for the fintech company while also giving existing investors an opportunity to sell shares, although PLDT says it plans to retain its stake.

Investor focus on earnings, rates and market appetite

Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce says Maya could attract investors looking for exposure to the country's expanding digital financial services industry, particularly after GCash's landmark listing. He says investors are likely to examine Maya's profitability, customer monetization, lending growth, and credit quality before committing to the offering.

Maya's shareholder base includes PLDT and First Pacific Co. Ltd., which together hold a 39.6% stake, as well as KKR & Co., Tencent Holdings, and the International Finance Corp. COL Financial Group First Vice-President for Corporate Strategy and Chief Investor Relations Officer April Lynn Lee-Tan says earnings growth is likely to be a key factor in sustaining investor interest, even if valuation expectations become more restrained under weaker market conditions.

Mr. Arce says a 2027 listing could give Maya a reasonable window if interest rates stabilize and domestic equity market conditions improve. PLDT earlier says Maya remains profitable in the first half of 2026, contributing to the telecommunications company's core net income during the period.

Our earlier coverage of the Philippines’ planned sovereign bond-market reforms highlighted how changes like a new pricing convention and prospective index inclusion could broaden the investor base and improve liquidity, but won’t automatically deliver lasting market gains. We noted that outcomes still hinge on global interest rates, fiscal credibility, and deeper structural reforms—along with stronger investor trust, disclosure, and market depth in both bonds and equities.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.