Globe Telecom will wait for the opportune time to initiate an initial public offering (IPO) of its fintech app GCash, saying it is "monitoring developments in the capital market and waiting for the landscape to improve."
"GCash wishes to clarify that the timeline for the potential Initial Public Offering (IPO) closely depends on favorable market conditions so GCash could unlock its fair value upon listing. GCash is also monitoring developments and reforms to the capital markets that would further improve the landscape of being a publicly listed company while studying the possibility of a dual listing," the telecom said in a statement.
The Ayala-led telco issued the clarification amidst a published report quoting Globe President and CEO Ernest Cu as saying it is looking at holding the IPO in 2025.
However, Globe said it is looking for GCash to "unlock its fair value upon listing" before going public.
The statement also quoted Cu as saying that GCash may go public in the Philippines next year as it keeps the door open for new investors and an overseas listing.
In addition, GCash reiterated that it plans to become push-button-ready when the opportune time comes.
"GCash is focused on growth to create more value for its customers and make GCash the safest and most trusted platform championing financial inclusion."
In 2021, Mynt was valued at over $2 billion after raising $300 million from global investors.
Globe's 2024 financial report said it owns 35% of Mynt, while China's Ant Group has about 34% stake. Other GCash investors include Warburg Pincus, Bow Wave Capital, and Ayala Corp.
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