With Mynt-GCash racing to become the first Philippine financial technology (fintech) initial public offering (IPO) to raise $1 billion and sister company Vitro Inc. also seeking approval for a ₱24-billion real estate investment trust (REIT) stock market debut, market experts are weighing whether there is still room for PLDT Inc.’s digital bank Maya to pursue its own public listing.

PLDT Chairman and Chief Executive Officer (CEO) Manuel V. Pangilinan said earlier that the $500-million to $1-billion IPO of Maya Innovations Holdings Pte. Ltd. is already in the works and has been penciled in for the third quarter this year, although there may be delays due to uncertainties created by the United States (US)-Iran war.

Maya’s IPO is being spearheaded by KKR & Co. Inc., which has a 30-percent stake and will use the offering as a profitable exit from the digital bank, together with other early shareholders Tencent Holdings Ltd. and International Finance Corp. (IFC), the World Bank Group’s (WBG) private-sector arm. The firm is reportedly eyeing a dual listing in the US or Hong Kong and the Philippine Stock Exchange (PSE).

“A mega-IPO, such as GCash’s, poses a potential risk to near-term liquidity for other equity offerings. This risk is more pronounced for smaller companies that rely primarily on domestic investors. That can be mitigated by leaving some space between major IPOs,” said Chinabank Capital Corp. managing director Juan Paolo Colet.

He noted, though, that companies with a compelling and well-differentiated investment story should not be overly concerned about being overshadowed or crowded out.

“A successful GCash IPO can improve public market conditions for other high-growth fintech players such as Maya. The differentiator will be the clarity and credibility of the equity story. For Maya, this hinges on positioning itself as a digital financial super app, while clearly articulating its strategy to drive market share gains and deliver sustainable, profitable growth in the consumer banking segment,” Colet explained.

COL Financial Group Inc. chief equity strategist April Tan also sees a GCash IPO as beneficial for Maya since “a successful IPO by GCash will definitely improve their chances of pushing through with an IPO this year.”

Tan said Maya will benefit from having a better and clearer valuation as a fintech, while a GCash IPO would also create more demand if investors make money.

Meanwhile, Tan is confident that “the market can absorb these IPOs since we are only talking about a few IPOs [this year].”

Reyes Tacandong & Co. senior adviser Jonathan Ravelas believes that Maya can still push through with its IPO this year but noted that “timing and valuation discipline will be key... The market can absorb multiple IPOs—but only if they’re spaced well and priced right.”

Abacus Securities Corp. vice president and head of research Nicky Franco also pointed out that: “The Maya IPO is independent as it’s being handled by KKR and will initially list abroad, probably in the US. So, there won’t be any competition for potential investors.”

However, Investment House Association of the Philippines (IHAP) corporate secretary and Investment & Capital Corp. of the Philippines (ICCP) managing director Jesus Mariano P. Ocampo said that “between GCash and Vitro that we hear have the same set of international and domestic lead underwriter—Maya might be a 2027 story already.”

Ocampo added that it would be “good for Maya to have some ‘seasoning’ first as it only recently became profitable or EBITDA [earnings before interest, taxes, depreciation, and amortization]-positive for some time.”

Maya Group marked its first full year of profitability with a net income of ₱1.7 billion in 2025 while contributing ₱285 million to PLDT’s core income in the first quarter of 2026.

As of March 2026, Maya’s deposit balance reached ₱76 billion, up 73 percent year-on-year, while its loan book stood at ₱33 billion. Asset quality remained stable, with a gross non-performing loan (NPL) ratio of 4.9 percent, while lending performance was supported by a loan-to-deposit ratio of 44 percent and a net interest margin (NIM) of 17 percent.