Update: GCash IPO Targeted At "Opportune Time" | BitPinas

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Oscar “Ren-ren” Reyes, Jr., CEO of G-Xchange, stated that internal preparations are underway, and the exact timing hinges on market conditions.
GCash is also actively pursuing global expansion, having launched a beta version in several countries and securing approval for full services in 16 countries.

Update: GCash communications team sent the following statement with regards to news about GCash IPO happening overseas:

In line with the statements made in the Malaya article, we wish to clarify that these were comments made by Abacus Securities, an entity which is not related to Globe Telecom, Inc. (“GLO”) or any of its subsidiaries and affiliates. On the aforementioned Initial Public Offering (“IPO”) of Globe Fintech Innovations Inc. (“Mynt”), we reiterate that the plan is to become push-button-ready when the opportune time comes. Mynt remains focused on growth to create more value for its customers and to maintain GCash’s journey to be the safest and most trusted platform championing financial inclusion.

Rest assured, we will disclose relevant details in due course.

Thank you very much.

Local e-wallet giant GCash revealed that it is making preparations for its upcoming initial public offering (IPO) set to happen in the latter half of the year. The firm acknowledged that despite the present market circumstances, it maintains a positive outlook on the stock launch.

IPO in H2 2024 if the Opportune Time Arises

During a press conference, Oscar “Ren-ren” Reyes, Jr., president and CEO of G-Xchange, the mobile wallet operator of GCash, formally declared the company’s decision to proceed with an IPO while the firm awaits a more favorable market outlook. He then emphasized the company’s preparedness for the launch, underlining that the precise timing is contingent upon overall market receptivity.

“We’re preparing internally so that we can be ready for this year; it is a question of the market… From how it looks, the market doesn’t seem hopeful right now. I think we’re waiting for the market to recover. Hopefully by the second half.”
Oscar “Ren-ren” Reyes, Jr., President and CEO, G-Xchange

Last month, Reyes expressed readiness for the IPO but emphasized that the timing depends on market conditions.

Currently, GCash has a user base of over 80 million registered users, with financial transactions completed for more than 60 million of them.

Photo for the Article - Update: GCash IPO Targeted At "Opportune Time" — Oscar “Ren-ren” Reyes, Jr., President and CEO, G-Xchange (Image via Linkedin)

In June last year, Ernest Cu, chief executive at Globe Fintech Innovations, Inc. affiliate Globe Telecom, stated that GCash was prepared for its IPO debut in 2023. However, the firm did not proceed with the launch.

In November 2022, it can be remembered that GCash also denied any plans for an IPO, citing the lack of a market due to the “tech winter.”

What is an IPO?

An IPO is the process through which a private company becomes publicly traded by issuing new shares to the public. This allows the company to raise capital for expansion and other purposes, while also providing public market access, increased visibility, and liquidity for its shares.

Moreover, the company’s shares are listed for trading on a stock exchange, and it becomes obligated to comply with regulatory disclosure obligations following an IPO.

Gcash Global Expansion

Moreover, the CEO added that the firm is actively seeking expansion opportunities and has already secured approval to fully launch its services in 16 countries.

Accordingly, GCash revealed that it has already launched a “beta version”, allowing users in the United Kingdom, Italy, Australia, the United States, Canada, and Japan to utilize its electronic wallet platform.

In addition, the company shared that it also received approval to launch in the next 10 countries. Gcash highlighted that it plans to expand into the Middle East, additional European countries, and more Asian markets in the first quarter.

Last year, the platform launched its GCash Overseas features that allowed Filipinos in Japan, Italy, Australia, and the United States to register and use of the e-wallet app.

In October, the platform partnered with Visa to introduce the GCash Card to allow unbanked Filipinos to have access to payment cards. These cards facilitate ATM withdrawals both domestically and internationally, similar to traditional bank accounts.

In 2022, GCash also became available in GCash South Korea, Japan, Singapore, and Malaysia through its partnership with Chinese fintech giant Ant Group’s Alipay+.

This article is published on BitPinas: Amid Market Uncertainties, Gcash Eyes IPO in H2 2024

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