GCashPhilippine fintech giant backed by Globe Telecom, reportedly gearing up for substantial investment initial public offering (IPO) this could bring in up to 1.5 billion US dollars, DealStreetAsia reports.
Sources indicate that GCash has hired major banks like Citi, Jefferies and UBS to work on the national listing, which could happen as early as the second half of 2025 or in 2026.
Although GCash and its parent company Globe Telecom have not officially confirmed the IPO, they have stated their intention to be “ready to push a button” when the time comes.
The move comes at a time when the IPO market in Southeast Asia is experiencing a slowdown. In 2024, total IPO proceeds in the region fell 43% from the previous year. However, the Philippines has seen a surge in IPO activity, with revenues increasing significantly.
GCash offers services such as money transfers, bill payments, and online shopping to a large user base in the Philippines. The company’s strong growth and market position 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 US$5 billion. This impressive valuation highlights the company’s potential and paves the way for a highly anticipated IPO.
Featured image credit: edited from Freepik