GCash, a Philippine fintech giant backed by Globe Telecom, is reportedly gearing up for a substantial initial public offering (IPO) that could raise up to USD $1.5 billion, DealStreetAsia reports.
Sources indicate that GCash has engaged major banks like Citi, Jefferies, and UBS to work on the domestic listing, which could take place as early as the second half of 2025 or in 2026.
While GCash and its parent company Globe Telecom have not officially confirmed the IPO, they have stated their intention to be “push-button ready” when the time is right.
This move comes at a time when the Southeast Asian IPO market is experiencing a slowdown. In 2024, total IPO proceeds in the region fell by 43% compared to the previous year. However, the Philippines has seen a surge in IPO activity, with proceeds increasing significantly.
GCash offers services like money transfers, bill payments, and online shopping to a vast user base in the Philippines. The company’s strong growth and position in the market make it an attractive prospect for investors.
In 2024, GCash’s parent company, Mynt, secured investments from Ayala Corporation and Mitsubishi UFJ Financial Group, valuing the company at USD $5 billion. This impressive valuation underscores the company’s potential and sets the stage for a highly anticipated IPO.
Featured image credit: Edited from Freepik