Globe priming GCash to be ‘most successful IPO’ in PH

Globe Telecom Inc. is still keen on launching one of the most anticipated initial public offerings (IPO) in the Philippine capital market despite economic uncertainties.

“What we’re doing… is to make sure that all hands are on deck to ensure a successful IPO for GCash,” Globe president and CEO Carl Cruz said at a press conference in Makati City on Tuesday.

“Nothing has changed on that front. It will be ‘push button-ready’ very sure,” Cruz said.

It was earlier reported that GCash, under Mynt (Globe Fintech Innovations Inc.), is seeking at least $8 billion in valuation when it goes public.

Mynt is a partnership between Globe Telecom Inc., the Ayala Group, and Ant Financial.

However, GCash’s IPO is still in limbo as it might wait for an exemptive relief from the Securities and Exchange Commission (SEC) concerning the 20% minimum public float requirement for companies planning to go public.

SEC chairperson Emilio Aquino said the corporate regulator has yet to receive a request from GCash to avail of exemptive relief.

Nevertheless, Globe’s chief said that the company “want to ensure that the macro[economic] environment, when we do the IPO, will be very conducive for this particular offering to be the most successful in the Philippine market."

For his part, Globe chief financial officer Carlo Puno said that uncertainties arising from US President Donald Trump’s tariff policy “does not stop us from preparing."

“The goal here is to get GCash to a point where … it’s ‘push button-ready’,” Puno said.

“When we find that the market is… the valuations we’re getting and the interest we’re getting is an overhit, acceptable then we will push the button to trigger the IPO,” the Globe chief financial officer said.

“Whether or not this happens this year or next year it’s really dependent on how this whole preparation will evolve over the next few months,” Puno added. —AOL, GMA Integrated News