GCash, a leading Philippine fintech company, has enlisted major banks, including Citi, Jefferies, and UBS, to assist in a potential initial public offering (IPO) that could raise as much as $1.5 billion. If successful, the IPO would mark the largest ever in the Philippines, surpassing the $1 billion IPO of food company Monde Nissin in 2021.
The IPO is tentatively scheduled for the second half of 2025 or 2026, depending on market conditions. However, GCash’s listed affiliate, Globe Telecom, stated that no final decisions have been made about the IPO at this time, but the company is preparing for an IPO when the right opportunity arises.
Sources familiar with the matter revealed that banks including Citi, HSBC, Jefferies, JPMorgan, Morgan Stanley, and UBS have been appointed for the IPO. Although the involved banks declined to comment, the move has raised significant interest, especially as the Southeast Asian IPO market saw a 43% drop in total proceeds in 2024.
GCash is a dominant player in the Philippines’ cashless ecosystem, offering services such as money transfers and bill payments. In 2023, GCash’s parent company, Globe Fintech Innovations (Mynt), raised investments from Ayala Corp and Mitsubishi UFJ Financial Group, giving the fintech company a valuation of $5 billion, more than double its previous valuation.
