Fintech titans GCash and Maya test IPO goals as Philippine market thins

[MANILA] The Philippines’ home-grown tech giants GCash and Maya are moving towards billion-dollar public debuts from positions of strength – profitability and deep-pocketed backers.

Yet, their listing strategies expose a local stock market so thinly traded that one analyst warns that it risks failing to absorb its own tech champions.

Market leader GCash, wholly owned by tech incubator Mynt, is reportedly aiming for a landmark initial public offering on the Philippine Stock Exchange (PSE) in the second half of this year, after having sat out the market since 2025 to fetch a premium valuation.