DIGITAL banking giant Maya could pursue a dual listing in the Philippines and overseas to seek higher valuation, Philippine Stock Exchange (PSE) President and CEO Ramon Monzon said.
Speaking after the listing of Mynt Inc., the parent company of GCash, Monzon said Maya wanted to list on the Philippine bourse but its private equity backer appear to favor an overseas listing.
“At the very worst, Maya said it wants dual listing. I want it listed in the Philippines,” Monzon said, recounting the discussions with Maya. He added that there was no target timetable yet.
Monzon said the PSE would see how Mynt’s market debut performed as it sought to persuade more companies to list locally, expressing hope that the landmark offering would encourage other firms to tap the domestic capital market.
Mynt raised P60.9 billion in its initial public offering, making it the largest maiden offering in the history of the local equities market. Its shares began trading on Oct. 20 under the ticker GCASH, closing at the offer price of P6.60 apiece and giving the company a market capitalization of about P441.5 billion.
Monzon also pointed to the potential for large privately held companies to list on the exchange, naming Mercury Drug, Unilab and Rebisco as examples of businesses that have been discussed as possible candidates.
However, he said the reduction of estate tax to 6 percent had weakened one incentive for family-owned businesses to go public.
In the past, some companies pursued listings for estate-planning purposes, he said, while businesses that do not need additional capital may have less reason to list.
Monzon also identified Aznar Shipping as another company in the listing pipeline, but did not provide a timetable or further details.
