Digital bank and e-wallet platform Maya is unlikely to undertake an initial public offering (IPO) in the next two years, according to the top executive of PLDT Inc.
PLDT chairman and president Manuel V. Pangilinan said an IPO in the next two years is a “misplaced optimism” for Maya.
“They’re not in a position to IPO in the near future, period. I mean, they have to demonstrate that they can be profitable starting 2025 and to be consistently profitable for at least another year,” Pangilinan said.
“We have a lot of work ahead of us. So to dream of an IPO in the next two years is simply an illusion. Please, don’t talk about it. It won’t happen. Plus the fact the market here is not conducive to an IPO,” he said.
Rival GCash earlier said it was considering undertaking an IPO in 2025. The mobile wallet of Globe Telecom was valued at over $2 billion in 2021, after raising $300 million from global investors.
