GCash IPO has no firm timeline
Globe Fintech Innovations said it has no firm timeline for the launch of the US$1bn IPO of mobile wallet GCash and will launch it "when ready".
The IPO was originally planned for the fourth quarter of this year.
"There are currently no definitive IPO plans, but we are working hard to ensure we’re ready when the time is right," Globe Fintech, also known as Mynt, said in a statement.
"We’ve seen the growing public interest in a potential IPO, and we appreciate the support and confidence in Mynt, the parent company of GCash. To clarify, no official decision has been made regarding the timing. Rest assured, any developments will be disclosed in accordance with Philippine Stock Exchange regulations," the company said.
Globe Fintech counts Ant Group, Mitsubishi UFJ Financial Group and Philippine conglomerate Ayala as shareholders.
GCash is used to transfer money, pay bills, invest or buy insurance and shop online.
JP Morgan, Morgan Stanley, UBS, HSBC and Jefferies are working on the IPO.