GCash, the Philippines’ most popular digital wallet, is not rushing to go public, according to Cezar Consing, the chief executive of conglomerate Ayala Corp., which has a stake in the company. Consing said in an interview that Mynt, the operator of GCash, is waiting for the “appropriate condition” before listing the service. Mynt, a rare Filipino fintech unicorn valued at over $1 billion, falls under Ayala’s Globe Telecom unit.
Investors and analysts have been eagerly anticipating an initial public offering (IPO), expecting it to potentially boost the Philippine equity market. Consing noted that the country is at an inflection point for wider adoption of electric vehicles, signaling a trend towards modernization across various sectors, including digital finance. Despite pressure and high expectations from stakeholders, Ayala Corp.
appears committed to a strategic and timed approach for Mynt’s public listing. GCash has gained immense popularity in the Philippines, serving millions of users and marking significant strides in the country’s fintech landscape. As Ayala Corp.
continues to develop its digital finance services, the potential IPO of Mynt remains a closely watched development within the industry. GCash is tentatively planning its IPO for the second half of 2025, according to a company official. The company has decided to pursue a dedicated IPO on the Philippine Stock Exchange (PSE) only, rather than a dual listing in both the Philippines and the U.S.
The proposed H2/25 date is described as “a very soft date,” indicating it is still subject to change.
Gcash awaiting ideal IPO conditions
The market eagerly anticipates the IPO, given the significant interest from both domestic and international investors. GCash has invited banks to pitch for an IPO in Manila to potentially raise $1 billion to $1.5 billion, according to people familiar with the matter.
An IPO of that size would likely make it the biggest ever in the Philippines. Mynt Chairman Ernest Cu said in an interview in May that GCash planned to go public next year. “We want to do it sooner than later.
Sometime in 2025 would be the best estimate I can give you,” he said at the time. Last month, Mitsubishi Corp. bought a 50% stake in AC Ventures Holdings Corp., which owns 13% of Globe Fintech.
That followed Mitsubishi UFJ Financial Group Inc. acquiring an 8% stake in GCash in August, in a transaction that lifted the valuation of the company to $5 billion. Jack Ma’s Ant Group is another backer.
GCash’s app can be used for services such as paying bills and sending and receiving money throughout the Philippines. According to the company’s website, 94 million Filipinos have used GCash.
