The Philippine Stock Exchange, Inc. (PSE) recently held a ceremonial bell-ringing to celebrate the 25th listing anniversary of Max’s Group, Inc. (MAXS), the nation’s largest casual dining restaurant group.
Originally listed as Pancake House, Inc. on December 15, 2000, the company has undergone a massive transformation over the past two and a half decades, evolving from a single-brand entity into a multi-brand powerhouse.
In his welcome remarks, PSE President and CEO Ramon S. Monzon lauded the company’s pivotal milestones, most notably the Php 3.5 billion consolidation in 2014. This landmark deal integrated the iconic Max’s Restaurant brands with the Pancake House portfolio, followed by a successful follow-on public offering that same year.
“The journey of MAXS is a testament to strategic evolution,” said Mr. Monzon. “From its roots as a beloved pancake house to its current status as a market leader, the group has consistently demonstrated its ability to scale within a highly competitive industry.”
The ceremony also highlighted the significant value created for shareholders since the company’s debut. Mr. Monzon provided a striking comparison of the company’s valuation:
| Metric | December 2000 (Pancake House) | Year-End 2025 (MAXS) | Growth Percentage |
| Market Capitalization | Php 332 Million | Php 2.54 Billion | 665% Increase |
“MAXS has grown 7.65 times its original size since its listing,” Mr. Monzon added. “This astonishing growth proves how the leadership of MAXS was able to strategically steer the business to expand and thrive in a dynamic economic landscape.”
