PLDT Inc. is negotiating with private equity firm KKR & Co. to resolve outstanding issues affecting the proposed initial public offering (IPO) of its fintech unit, Maya Innovations Holdings.
According to PLDT and Maya chairman Manuel V. Pangilinan, discussions center on timing and other matters, with challenges currently resting with KKR rather than PLDT. The company supports the IPO, but if differences are not settled, KKR could instead pursue a trade sale—selling its stake back to PLDT or another strategic buyer. An IPO would also let PLDT potentially raise its ownership share.
Earlier plans called for a dual listing: first in the U.S., then on the Philippine Stock Exchange by late 2026. The structure is meant to raise funds for Maya’s expansion while giving existing investors an exit, while allowing PLDT to keep or grow its holding. Current ownership stands at PLDT 40 percent, KKR 30 percent, Tencent 15 percent, and the World Bank’s IFC 10 percent.
Financially, Maya remains strong: as of March 2026, deposits hit ₱76 billion (up 73 percent year-on-year), its loan book reached ₱33 billion, and asset quality stayed stable with a 4.9 percent non-performing loan ratio.
