PH fintech unicorn Maya is weighing a potential US initial public offering (IPO) that could raise about $500 million to $1 billion, Bloomberg News reported on Monday (Feb. 16).
Citing people familiar with the matter, the report said the KKR-backed company has been working with advisors and could pursue a listing as early as this year. Maya declined to comment.
The report comes as local rival GCash has also been linked to IPO preparations. GCash was previously reported to have hired banks, including Citi, Jefferies, and UBS, for a possible domestic listing that could raise up to $1.5 billion and take place in 2026.
If both deals proceed, the offerings would rank among the Philippines’ largest equity flotations in recent years and could reshape exit pathways for local venture-backed startups, which have historically had limited routes to liquidity.
They would also eclipse Monde Nissin’s roughly $1-billion IPO in 2021, long cited as the country’s biggest listing to date.
Maya reached unicorn status in April 2022 after raising $210 million in a funding round led by SIG Venture Capital, the Asian investment arm of SIG, which valued the company at nearly $1.4 billion.
In January last year, KKR reportedly appointed Goldman Sachs for the sale of its stake in Maya. The PE firm owns more than 20% of Maya and the potential sale, if it goes through, could value the company at more than $2 billion.
Maya’s digital bank, Maya Bank, booked its first profitable quarter in Q1 2025. It disbursed nearly $490 million during the period, with cumulative disbursements totalling about $2.2 billion.
It secured a digital banking licence from Bangko Sentral ng Pilipinas (BSP)—the country’s central bank—in September 2021 and formally launched as a digital bank in April 2022. Since then, the company claims its revenues have grown more than fivefold.
