GCash still on lookout for potential IPO

Globe Group said it is continuing to monitor the market for a potential initial public offering (IPO) for its online and e-wallet platform GCash.

During a media press conference on Feb. 7, Tek Olaño, chief finance officer of Globe Fintech Innovations Inc. (Mynt) which manages GXchange Inc. that operates GCash, said they are keenly observing the developments of the markets.

“We’ve seen some capital market movements as of late, both in region and global markets, while these are improving signs we continue to monitor the global fiscal, monetary, geopolitical developments to gauge more opportune time for an IPO,” he said.

He noted that they are particularly looking at how the Philippine market has been faring given how liquidity has increased in the Philippine Stock Exchange (PSE) in 2023.

They are also on the lookout for developments on the global scale that may adversely affect the market such as the general elections happening in the United States and other economies.

Given that, he assured that the GCash business is “generating income, creating a reasonable runway for us to continue to operate and focus on growth and improve financial inclusion.”

Globe Telecom Inc. Chief Executive Officer (CEO) Ernest Cu echoed these sentiments, saying the company is not in a hurry to make the IPO.

“We have to do it when it's right for the company in the right venue. We're hoping that the recent actions by regulators in terms of hopefully lowering fees, stimulating more listing will create more interest in the market allowing larger companies to come to market effectively,” said Cu.

In the meantime, GCash is continuing its operations as usual, improving its readiness and incorporating corporate governance that is fit for a publicly-listed company.

Previously, GCash said that it is exploring the possibility of going public sometime in 2024.