BIZ BUZZ: Still waiting for GCash market debut
For quite some time now, popular e-wallet brand GCash has been waiting for the right moment to launch its much-awaited initial public offering (IPO). And by that, the company operated by Mynt, which is under the Globe Group, means better market conditions.
Fortunately for GCash, the local bourse has recently entered the bull market territory amid the positive sentiments due to easing of monetary policy. So, are we expecting a market debut soon?
“We’re still gonna wait and see. Nevertheless, we’re preparing for the eventual outcome,” GCash chief marketing officer Neil Trinidad told reporters on the sidelines of the company’s 20-year anniversary party on Monday evening.
Asked regarding the potential listing of its shares overseas, Trinidad said: “We’re looking at all possibilities in terms of the right venues for this.”
Analysts earlier said that GCash, at this point, had made itself more attractive after more than doubling its valuation to $5 billion. The e-wallet brand recently received capital infusion from Globe parent company Ayala Corp. and Japanese financial institution MUFG Bank Ltd.
Mynt tripled its net income to P6.7 billion last year. The homegrown brand has been expanding its presence abroad, including the United States, Canada, the United Kingdom, Australia, Italy, Japan, Germany, Spain, United Arab Emirates, Qatar, Hong Kong, Taiwan and Korea.
