Stock investing feature added to Maya app

MAYA Philippines Inc. has launched a new feature that will allow subscribers to take part in initial public offerings (IPO) via its app.

In time with Maynilad Water Services Inc.’s IPO that began on Thursday, users will be able to subscribe through partner brokers DragonFi Securities Inc., F. Yap Securities Inc. (2TradeAsia) and Philstocks Financial Inc.

IPO subscriptions would be completed through the brokers’ platforms, with Maya serving as the channel for account opening and funding.

“Our goal has always been to make access to financial opportunities simpler and more inclusive,” Maya Group President Shailesh Baidwan said in a statement.

“Maya Stocks brings IPO participation closer to consumers by embedding a secure, regulated process into the same app they already use every day,” he added.

The company said Maya Stocks simplifies what was once a multistep process by providing a mobile-first experience that allows users to open a brokerage account, fund it instantly via the Maya Wallet with no transfer fees, and view available IPOs within one interface.

IPOs such as Maynilad’s will be visible on participating brokers’ homepages within the Maya app.

Users subscribing to the Maynilad IPO can fund their accounts without need of paying additional commission fees through the brokers’ channels, although regular stock trades would still carry standard fees.

For its market debut, Maynilad is offering 1.66 billion common shares to the public and 24.9 million primary common shares to First Pacific Co. Ltd. stockholders.

The IPO includes an overallotment option of up to 249.05 million primary shares and an upsize option of up to 354.70 million secondary shares.

The West Zone water concessionaire is aiming to raise as much as P34.33 billion from the IPO, the proceeds of which are intended to fund capital expenditure requirements and general corporate purposes.

FROM A REPORT BY EARL JOHN ALFARO