Philippines-based mobile e-wallet GCash is still eyeing an initial public offering (IPO), but the timing depends on improvements in market conditions, CEO Martha Sazon said Wednesday (1 August), according to Bloomberg News.
Sazon’s comments came as GCash parent Globe Telecom reported its quarterly earnings, and days after the mobile payments company’s valuation more than doubled to US$5 billion following new investments from Mitsubishi UFJ Financial Group (MUFG) and Ayala Corporation.
Through its subsidiary AC Ventures Holdings, Inc. (ACV), Ayala will increase its investment in Mynt by acquiring an additional 8% stake.
Meanwhile, MUFG, through its subsidiary MUFG Bank, Ltd., will also acquire an 8% stake following binding agreements to invest in Mynt.
This development follows a period of significant growth for GCash, which reported a net income of PHP 6.7 billion in 2023.
Globe had previously shared plans to explores a dual Philippines-US listing for GCash amidst 2025 IPO plans.
Sazon acknowledged that the recent investments have significantly strengthened Mynt’s position for a potential IPO, but emphasized that the timing remains dependent on favorable market conditions.
This caution reflects a broader trend in the global IPO market, which has been slowed by volatility and uncertainty in recent months.
GCash has seen significant growth in recent years, with 94 million people in the Philippines — about 78% of the country’s population — having tried its digital wallet.
Globe Telecom has also been using GCash to bolster its lending business, with 6 million merchants now using its payments services.
In June, Globe Telecom President and CEO Ernest Cu expressed confidence in the company’s readiness for an IPO, citing sustained growth and profitability as key factors.
He indicated that the company aims to be fully prepared for a potential listing by the end of the year, while acknowledging that the final decision and timing will depend on various factors.
