GCash Weighs Record IPO

Philippine fintech platform GCash is reportedly considering an initial public offering (IPO) that can potentially raise between $1 billion and $1.5 billion in the second half of 2025.

GCash, owned by Globe Fintech Innovations Inc., also known as Mynt, is reportedly going to list in the second half of 2025, in an IPO likely to become the biggest ever in the Philippines to date.

GCash’s long-awaited IPO prospects surged mid-year as its valuation doubled to $5 billion, boosted by new investments from Ayala Corp. and Japan’s MUFG Bank. The startup became the first “unicorn” in the country to achieve such a valuation, more than doubling it from $2 billion secured in the last funding round of 2021. It is supported by a few renowned investors including Jack Ma’s Ant Group.

GCash app offers various financial services, including QR payments, loans, equity investments, cryptocurrency, insurance, mobile credit and bill payments. It is currently used by about 94 million users both domestically and abroad, including in the United States, Canada, the United Kingdom, Australia, Italy, Japan, Germany, Spain, the United Arab Emirates, Qatar, Hong Kong, Taiwan and South Korea.

A potential IPO is still under consideration. There are no definite details about the offering, such as its size and timeline, which could change. The company is thoroughly estimating the market environment to make the move at the right time. At the same time, reports claim that the offering will raise funds entirely from the local equities market instead of the earlier plans for a dual listing on the Philippine Stock Exchange and a larger foreign exchange market with greater liquidity.