Financial technology firm Maya is considering listing its shares in both the Philippines and the United States as it looks to raise fresh capital to support expansion.
Maya chairman Manuel Pangilinan said the company is studying a possible dual listing but has not yet finalized the timing or size of the offering. The goal is to bring in new funds while keeping control of the company with its main backers, PLDT Inc. and First Pacific.
According to Pangilinan, some foreign shareholders prefer a US listing, but there is also strong support for listing in both markets. He described the US as a “deeper” market that is more suitable for raising large amounts of capital for a fast-growing fintech business.
The planned fundraising may include issuing new shares to investors, allowing Maya to receive fresh capital directly. However, existing shareholders are not expected to sell their current holdings. Instead, major stakeholders plan to exercise their preemptive rights — meaning they can buy additional shares to maintain their ownership levels. Pangilinan added that they are prepared to buy any shares left unsubscribed in the offering.
Earlier reports said a potential US initial public offering (IPO) could raise between $500 million and $1 billion.
Strong financial performance may support the listing plans. For the first nine months of 2025, Maya Bank posted a net income of P1.6 billion. Its loan portfolio grew 59 percent year-on-year to P27 billion by September, while deposits rose 44 percent to P56.7 billion.
A dual listing could give Maya access to a larger pool of international investors while maintaining a presence in the Philippine market. Raising new capital would help fund expansion, particularly in lending and digital banking.
For investors, a US listing could improve liquidity and potentially boost valuation due to broader global exposure. Meanwhile, maintaining strong control by current major shareholders may signal stability, though it could also limit the amount of shares available to the public.
The company has not yet announced a final decision.
