Globe Telecom Inc. said the initial public offering (IPO) of mobile wallet GCash will push through this year or in 2026 despite the economic uncertainties stemming from US President Donald Trump’s tariff policy.
“What we are doing at Globe and Gcash is to make sure that all hands are on deck to ensure a successful IPO for GCash,” Globe president and chief executive Carl Cruz said.
“Nothing has changed on that front. It will be push-button mode very, very soon,” he said.
Cruz said the company “wants to ensure the macroeconomic environment, when we do the IPO, will be very conducive for this particular offering to be the most successful in the Philippine market.”
Bloomberg News earlier reported that GCash was planning to raise $1 billion to $1.5 billion, possibly in the second half of 2025.
Globe chief financial officer Carlo Puno said Trump’s “Liberation Day” policy added a lot of uncertainty to the company’s plan to undertake an IPO.
Trump’s “Liberation Day” proclamation on April 2, 2025 implemented a minimum 10-percent tariff on all US imports, with higher tariffs imposed on imports from 57 specific countries.
Puno said, however, “this uncertainty does not stop us from preparing.”
“The goal here is to get GCash to a point where we are push-button ready, so when the market opens up, if we find the window where the valuations and interest we’re getting are appropriate and acceptable, we will push that button for IPO,” Puno said.
“Whether that happens this year or next year, it is really dependent on how this whole liberation in tariff evolves over the next few months,” he said.
Mynt president and chief executive Martha Sazon said in August 2024 the company was in no hurry to launch an IPO, after securing a $786-million investment from Japan’s Mitsubishi UFJ Financial Group (MUFG), providing ample financial resources to fuel its growth.
The investment of Ayala and MUFG of Japan brought the valuation of GCash to $5 billion, more than double its valuation of $2 billion in 2021.
This solidifies Mynt’s position as a leading fintech player in the Philippines and signals its ambitious plans for future growth and innovation.
Ayala, through its subsidiary AC Ventures Holdings Inc., will expand its ownership in Mynt by 8 percent to 13 percent, while MUFG Bank Ltd. will acquire an equal stake of 8 percent.
Prior to the transactions, key shareholders of Mynt include Globe Telecom and Ant Group, holding 35 percent and 34 percent, respectively.
These investments underscore the growing confidence in Mynt’s potential to revolutionize the Philippine financial landscape.
