After GCash, PSE chief sets sights on Maya

Philippine Stock Exchange (PSE) president and CEO Ramon Monzon is setting his sights on a local listing for Maya, hoping GCash parent Mynt Inc.’s stock market debut will help persuade its rival to follow.

“Let’s work on Maya, now that GCash has been listed already,” Monzon said in an interview.

He said Maya chair Manuel V. Pangilinan wanted the company listed in the Philippines, although its private equity investor preferred an overseas offering, possibly to secure a better valuation.

A dual listing could accommodate both sides, according to Monzon.

“At the very worst, he said, he wants a dual listing,” Monzon said, recounting Pangilinan’s position. “I want it listed in the Philippines.”

The PSE chief said there was no target date yet for Maya’s listing.

For now, Monzon hopes Mynt’s experience will strengthen the case for bringing Maya to the local market.

“Let’s see how GCash goes,” he said. “It’s going to be rewarding, I hope.”

Asked whether this would depend on GCash’s share performance, Monzon said “not necessarily,” pointing instead to the foreign and domestic investors drawn to the offering.

His remarks come as Maya prepares for a potential initial public offering (IPO) next year.

In August, Pangilinan told the Inquirer that the plan remained “on track,” although he expected GCash to reach the stock market first.

“Yes. Hopefully. And we’re also preparing,” he said when asked about a possible listing next year.

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He stressed that becoming a publicly listed company required extensive preparation and the right people.

Maynilad Water Services Inc., he noted, took about two years to prepare for its own debut.

A Maya listing would add another technology-related company to a market long dominated by conglomerates, banks and traditional businesses.

Beyond fintech, Monzon said the exchange continued to court large privately held companies, including Mercury Drug, Unilab and Rebisco.

“We’ve been courting some for quite a long time already,” he said, noting that these companies had little need to raise capital.