[Vantage Point] Maya’s IPO meets the accounting test

Manuel V. Pangilinan has planted the flag for Maya’s 2027 market debut, insisting on a Philippine listing even if offshore partners pursue Wall Street. The target confirms what inside sources shared with Vantage Point—that Maya was preparing its listing long before the exchange nudged it to follow GCash. Fresh audited financial statements filed with the SEC reveal what public investors will buy: a core payments turnaround earning P493 million, but carrying a P30. 9-billion legacy deficit and an earnings base still dwarfed by GCash. Tycoon Manuel V. Pangilinan has ended market guesswork, setting a 2027 stock market debut for Maya following GCash’s historic listing . Speaking on Wednesday, October 28, the PLDT and Maya chairman made his stance clear: while foreign partners may eye Wall Street, a domestic listing remains non-negotiable.

“I’ve made known my preference to the other shareholders 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. Pointing to the massive demand behind GCash operator Mynt, he added: “You’ve seen the success of Mynt. Proven that a quality company like Mynt, they can attract a great deal of demand in their shares. ” (READ: [Vantage Point] Holiday dividend or market coal? What GCash could deliver by Christmas ) Pangilinan’s target corroborates what inside sources earlier shared with Vantage Point—that Maya was methodically preparing for an IPO well before the Philippine Stock Exchange courted it. Centering a domestic listing ensures local depositors and merchants who fueled Maya’s rise are not shut out. The pivotal question for investors is simple: what are they buying, and at what valuation? The picture sharpens with Maya Philippines, Inc. ’s Audited…