GCash’s IPO is in a “wait-and-see” mode due to market volatility.
Globe Telecom and GCash are preparing all requirements to be “push-button ready” for an IPO, but current geopolitical and market uncertainties have delayed the timeline. They’re aiming for a possible listing by late 2025 or 2026, depending on market conditions.
Despite delays, Globe insists the IPO will still push through.
Globe CFO Juan Carlo Puno stressed that the company remains committed to the IPO despite external headwinds, such as U.S. tariff uncertainties. Once market conditions improve and valuations are attractive, GCash will proceed.
GCash could raise up to $1.5 billion, making it one of the Philippines’ largest IPOs.
GCash has tapped Citi, Jefferies, and UBS as advisers for its domestic IPO. If successful, the deal would surpass Monde Nissin’s $1 billion IPO in 2021.
Regulatory changes may ease listing requirements.
GCash hopes to benefit from new rules by the Philippine SEC allowing firms with IPOs over P5 billion to initially float only 15% of shares (instead of the usual 20%), with a commitment to increase it later. GCash plans to sell less than 20% of its shares at listing.
Globe is diversifying beyond telecom and finance while preparing GCash for IPO.
As it waits for the right IPO window, Globe is also investing in adjacent sectors through its innovation arm 917Ventures, aiming to drive growth in digital and financial inclusion beyond traditional telco services.
Globe’s new CEO
Meanwhile, Globe’s new CEO, Carl Raymond Cruz, said he is focused on sustainable growth and innovation. He also said he is keen on ensuring GCash’s long-term success.
While waiting for the right market window for the IPO, Cruz is also driving the company’s strategy of expanding beyond telecom.
He emphasized Globe’s dual focus on connectivity through Globe and financial inclusion via GCash, highlighting the importance of creating new growth engines in today’s fast-evolving digital economy.
Cruz is particularly focused on exploring innovative opportunities, including partnerships with startups and leveraging Globe’s innovation arm, 917Ventures, to foster new business ventures.
Under Cruz’s leadership, Globe Telecom is staying agile, adapting to both customer needs and broader industry changes. His message to the company is clear: stagnation is not an option.
The firm is committed to evolving with the times and responding to new trends that support national development, especially in terms of digital and financial inclusion.
As GCash continues to grow, Cruz plans to steer the company with caution and strategic foresight, ensuring it remains competitive while also preparing for a successful IPO once the market conditions are favorable.
READ MORE FINTECH NEWS.
