Fintech firm GCash is now targeting the second half of 2026 for its long-awaited initial public offering (IPO) in Manila, according to a Bloomberg report. The GCash IPO delay follows weaker sentiment in the local equities market, which has seen the Philippine Stock Exchange Index (PSEi) drop 17% over the last 12 months, the report said.
The company, backed by Ant Group and Mitsubishi UFJ Financial Group Inc., had previously considered listing as soon as 2025.
GCash is reportedly seeking to raise between US$1 billion and US$1.5 billion, which would make it the largest IPO in the Philippines’ history, surpassing Monde Nissin’s US$1+ billion listing in 2021.
Sources told Bloomberg that discussions are underway and that the plan could still change.
Notably, Globe owns a 36% interest in Globe Fintech Innovations, Inc. (Mynt), the fintech company operating GCash. In a statement, Mynt said no final decision has been made on the IPO timeline and that the company would proceed when ready.
The firm has reportedly appointed Citi, Jefferies, and UBS for the domestic IPO. As of 2025, GCash, per its website, claims to have served 94 million Filipinos.
The delay underscores the challenging market environment in the Philippines, where other firms, including casino operator Hann Holdings Inc., have also postponed listings due to weak market sentiment.
Featured image: Edited by Fintech News Philippines, based on image by thanyakij-12 on Freepik
