The IPO could occur as early as the second half of 2025 or in 2026 with Globe, which owns a 36% stake in GCash, aiming to proceed when market conditions are favourable.
Juan announced during Globe’s annual stockholders’ meeting that the uncertainties will not deter the company from moving forward with its plans for the IPO. These uncertainties include those stemming from new US tariffs under President Donald Trump.
Juan Carlo C. Puno
“The goal is to get GCash to a point where we are push-button ready. So, when the market opens up, if we find the window where the valuations and interests we’re getting are appropriate and acceptable, we will push that button for the IPO,” Juan said.
Globe owns a 36% interest in Globe Fintech Innovations, Inc. (Mynt), the fintech company operating GCash.
GCash has reportedly engaged banks like Citi, Jefferies, and UBS to manage the domestic IPO. It is expected that it could raise up to USD $1.5 billion. Projections indicate that the IPO will occur as early as the second half of 2025 or in 2026, contingent on broader market conditions. If the listing goes ahead, it would surpass the USD $1 billion IPO of Monde Nissin in 2021.
Globe President and CEO Ernest Cu expressed optimism in February about a potential regulatory change. Specifically, he hoped that Philippine regulators would lower the 20% public float requirement for listed companies, which would facilitate GCash’s planned listing.
While Ernest did not specify the exact percentage of GCash shares to be sold, he indicated it will be below 20%. Globe is also working to remove any private equity overhang before GCash goes public.
The SEC announced in March that it would allow companies to seek relief from the 20% minimum public float requirement. This applies to companies with IPOs of over PHP 5 billion.
Eligible firms may offer as little as 15% initially. However, they must commit to increasing the float to at least 20% within three years through subsequent offerings or private placements.
However, the SEC emphasised that the 20% minimum float remains the standard requirement despite the temporary relief. The Philippine Stock Exchange (PSE) requires a minimum public float of 20% for listed companies.
