GCash IPO not a priority right now, says Globe chief

MANILA, Philippines — An initial public offering (IPO) for e-wallet giant GCash is not on top of the agenda for the company at present given its strong capital position, according to Globe Telecom Inc. president Carl Raymond Cruz.

“The good thing is GCash does not need capital. It generates its own capital so the need for an IPO technically, while it’s there, (is) not really high on the agenda right now,” Cruz said during BusinessWorld’s One-on-One online interview series.

Cruz said that the GCash team is currently focusing on serving the eight out of 10 Filipinos on its platform and preparing for its next phase of growth.

“Whether that includes a listing is going to be a possibility at any point in time. But as of now, there has been no formal application filed with the regulatory agencies for a listing to happen. But of course, it’s always part of the directions moving forward, but nothing as of now,” Cruz said.

GCash earlier said that its parent Mynt would proceed with its planned IPO “when ready,” noting that no official decision has been made regarding the timing of its highly-anticipated public listing.

The popularity of GCash and the potential size of its IPO make it among the most anticipated listings in the country.

The company was previously considering to launch its maiden share sale by end-2025.

In an earlier interview with The STAR, however, GCash president and CEO Martha Sazon said the company’s IPO would probably not take place anymore this year.

G-Xchange Inc., a wholly owned subsidiary of Mynt and the first and only $5 billion unicorn in the Philippines, handles the mobile wallet operations of GCash.

“We’ve very fortunate at Globe because we’re standing on two very strong legs. Core connectivity care of Globe and fintech care of Mynt and GCash,” Cruz said.