BIZ BUZZ: Maya’s $1-B IPO plan hits snag
It’s shaping up to be a banner year for blockbuster initial public offerings (IPOs), led by Elon Musk’s planned $75-billion SpaceX listing—which could become the world’s largest—and the much-anticipated public debut of Philippine digital bank Maya, which is expected to raise up to $1 billion.
But investors eager to get a piece of another Manuel V. Pangilinan-backed business may have to wait a little longer.
At PLDT annual stockholders’ meeting, the tycoon said there are still kinks to iron out with private equity giant KKR, which owns more than a 20-percent stake in Maya.
“I’m still discussing it with KKR. There are still some issues with timing, all sorts of things,” Pangilinan said in a mix of English and Filipino. “We are supporting the IPO, but there are certain issues that we have to work out with them.”
Back in February, Pangilinan said Maya would most likely pursue a US-first dual listing, a route favored by the digital bank’s foreign investors.
Any planned offering is expected to include a primary tranche, or new shares that would raise fresh capital for Maya, as well as a possible secondary component that would allow some existing shareholders to cash out.
Pangilinan had said a Maya listing would “most likely” happen in the second quarter. Now, with much of the groundwork already laid, what is holding things back?
“It’s not us, it’s them,” Pangilinan said.
“Until they see through a solution, then they push through with the IPO based on our suggestion, or they revert to a trade sale,” he said. “Either way, either a trade sale or an IPO, we will support.”
For now, investors hoping to ride Maya’s long-awaited market debut may need a bit more patience.
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