Philippine fintech GCash hires banks for up to $1.5 billion IPO, sources say
Philippine fintech firm, has hired banks, including Citi, Jefferies and UBS, to work on an up to $1.5 billion domestic initial public offering, three sources with knowledge of the matter said, in what would be the country's biggest ever stock offering.
The IPO is expected to take place as early as the second half of 2025 or in 2026, subject to broader market conditions, two of the sources said, declining to be named as the matter was private.
If the listing goes ahead it would be Philippines' biggest ever, surpassing the $1 billion IPO of Philippine food company Monde Nissin in 2021.
In response to Reuters questions, GCash referred on Friday to a statement from its listed affiliate, Globe Telecom, to the Philippine bourse saying it has no material information to disclose at this time regarding the engagement of banks for GCash's IPO.
«We would like to reiterate that the plan of GCash is to be push-button ready for an IPO when the opportune time comes, but no final decisions have been made at this point,» Globe Telecom said in the statement.
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