The Philippine Stock Exchange (PSE) says it could prove challenging for fintech firm Maya Philippines Inc. to list first in the United States before going public locally. PSE president and CEO Ramon S. Monzon warned that Maya could become an “orphan” stock—ignored by major U.S. investors and analysts—after a U.S. listing.
Monzon said Maya has not contacted the PSE about a local listing and that details of its planned initial public offering (IPO) remain unclear. He noted that Maya’s competitor, GCash, also considered listing abroad but ultimately decided against it, suggesting the move could be risky.
Monzon speculated that private equity investors and foreign backers, including PLDT Inc., First Pacific Co. Ltd., KKR, Tencent, and the International Finance Corp., may be pushing for the U.S. listing to facilitate their exit. He added that Maya’s scale compared to GCash may make it difficult to gain attention in the U.S. market, where much larger companies dominate.
Meanwhile, GCash continues to explore a local IPO, with its parent company, Globe Telecom Inc., seeking a lower minimum public float requirement to avoid an offering too large for the Philippine market.
