BIZ BUZZ: Angkas riding toward IPO by 2027
The untested Philippine Stock Exchange (PSE) sponsor model for small and medium enterprise listing may finally take off.
Using this framework, motorcycle taxi platform Angkas hopes to raise at least $20 million to as much as $40 million by next year.
George Royeca, Angkas cofounder and CEO, told Biz Buzz that the homegrown tech firm had started discussions with the PSE and already lined up potential sponsors and underwriters.
The sponsor framework aims to encourage the listing of high-growth and startup companies that do not yet meet the usual track record required of companies listed on the main board. The sponsor will vouch for the company.
Using part of the initial public offering (IPO) proceeds, Royeca aims to expand beyond Metro Manila, Metro Cebu and Cagayan de Oro.
“The good thing is that the ‘habal-habal’ (informal motorcycle taxi) system is already thriving in this part of the world, Royeca said. “We just modernized them, trained the riders, gave them uniforms and the app, upgraded the whole concept and professionalized them. Now they have SSS, Philhealth, Pag-Ibig and are now part of the formal sector.”
Moving forward, Royeca wants to build the ecosystem for Angkas, including insurance and financial services. He also sees the company venturing into logistics, specifically last-mile business-to-business parcel delivery.
But is it ready for the intense financial scrutiny that comes with going public?
“We’ve been growing our top line 20 percent year-on-year. Ebitda (earnings before interest, taxes, depreciation and amortization) has grown significantly. Right now, we’re looking at positive Ebitda for full year 2026,” Royeca said. Ebitda had already turned positive for half of last year, he noted.
As a tribute to Angkas riders—who now number 30,000—Royeca wants them to become shareholders. They will be given incentives to own stocks for a certain number of rides achieved.
And Royeca is probably the only founder who doesn’t want to ring the bell inside the PSE Center. Instead, he wants the ceremony to take place outside—on 5th Avenue, Bonifacio Global City, in full view of riders and people on the street.
“I think this is historic,” Royeca said.
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