PSE chief still hopeful on GCash’s mega IPO

MANILA, Philippines —  Philippine Stock Exchange Inc. (PSE) president and chief executive officer Ramon Monzon is still hopeful that a mega initial public offering (IPO) of Globe Fintech Innovations Inc. (Mynt), the parent company of e-wallet giant GCash, would push through this year despite heightened uncertainties and economic risks stemming from the war in the Middle East.

Monzon told The STAR that he had several meetings with GCash executives regarding the planned IPO.

“My last meeting with them was before the Iran war, and my understanding was that they would do their IPO in the second half of the year,” he said.

Monzon, however, said the PSE has yet to receive a listing application from the company.

“I’m not sure, with the volatile condition of our market now, brought about by the Iran war (i.e., below target GDP growth, soaring inflation, unscheduled interest rate increase, significant peso depreciation, etc.), if GCash will push through with their planned IPO this year or defer to next year,” he said.

“But being an eternal optimist, I’m still looking forward to it this year,” the PSE chief said.

Monzon had earlier hoped to see four IPOs in 2026, up from the two listings in 2025.

GCash, for its part, previously said its parent, Mynt, would proceed with its planned listing “when ready,” noting that it has been waiting for the right timing before filing an IPO.

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

Citing sources, Reuters reported earlier this month that Mynt is looking to file for a domestic listing as early as July, aiming to raise around $1 billion, rivaling Monde Nissin’s 2021 IPO as the country’s biggest.

The PSE released a consultation paper on May 13 to give concerned stakeholders an opportunity to submit comments on the proposed revisions to the amended rule on minimum public ownership to comply with the Securities and Exchange Commission (SEC) Memorandum Circular (MC) 11, series of 2026.

MC 11, issued by the SEC in February, sets minimum public ownership requirements for issuers seeking to list their stock on the local exchange.

The rules, which will apply to companies seeking to conduct an IPO, provide a tiered approach to public ownership requirements calibrated by issuer size.

The different tiers are intended to balance multiple policy considerations such as market liquidity, investor protection, capital formation and overall market competitiveness, while ensuring that effective free float remains sufficient to support price discovery and sustained participation by both domestic and foreign investors.

The new rules provide greater flexibility for exceptionally large issuers, empowering the exchange to endorse even lower minimum public ownership levels as long as they would not impair market liquidity, investor protection and orderly trading.

For those with expected market capitalizations of at least P200 billion, their minimum public ownership may be adjusted to as low as 12 percent.