Middle East war may push back Maya IPO
The planned public listing of digital bank Maya may face delays as the war in the Middle East clouds market conditions, according to chair Manuel Pangilinan.
“Hard to say because of Iran, but it’s already in process,” Pangilinan said when asked if the much-anticipated Maya initial public offering (IPO) would push through this year.
Pressed on whether the listing could be moved, he added, “I don’t know, as to whether Iran will accept that schedule.” He was referring to the US time frame in ending the war.
Meanwhile, in an interview with CNBC, Ramon Monzon, president and CEO of the Philippine Stock Exchange, said the recent sell-off in local equities has weighed down investor sentiment but has not derailed planned listings.
“As far as the Maya listing is concerned, I think that’s still on,” Monzon said. He noted that the digital banking arm of PLDT Inc. is still planning a possible market debut in the third quarter of the year.
Still growing profits
The remarks signal growing uncertainty over the timing of one of the country’s most closely watched potential IPOs, as global risks—particularly rising oil prices and volatility tied to the Middle East conflict—continue to weigh on investor sentiment.
Pangilinan noted that while his group, including Metro Pacific Investments Corp. (MPIC), was still on track to post profit growth, external shocks could slow the pace of expansion.
“I think we still show some profit growth, but there might be some slowdown in the rate of growth, especially profits, because the impact is not yet felt,” he said.
“Certainly power rates will probably increase some more. So it’s hard to forecast,” he said.
Recalibration
Amid these uncertainties, Pangilinan said he has instructed key companies within the group to revisit their financial plans.
“Let’s redo our budget and rethink whether we should update based on these latest trends … part of the great uncertainty is when will this Iran thing finish,” he said.
Despite this, the group is not pulling back on investments. Pangilinan said capital spending programs for major units, including power and infrastructure assets, were expected to remain intact.
“I think we should push more for the sake of this country. Continue to invest as much as we can,” he said.
The cautious tone reflects a broader recalibration among conglomerates as they balance expansion plans with mounting global risks—factors that could ultimately determine the timing and appetite for large-scale listings like that of Maya.
