GCash delays planned IPO to late 2026, say sources

GCash, a fintech firm in the Philippines backed by Ant Group and Mitsubishi UFJ Financial Group, is targeting an IPO in Manila in the second half of 2026, sources told Bloomberg.

The company had previously considered going public as early as this year, but the IPO is now expected later than anticipated as the Philippine stock market sags.

GCash aims to raise between US$1 billion and US$1.5 billion, which could set a new record for the country’s largest IPO.

The current record is held by Monde Nissin, which raised just over US$1 billion in 2021.

The Philippine Stock Exchange’s main index has dropped 17% over the past year.

GCash is controlled by Globe Fintech Innovations, also known as Mynt.

Mynt said there is no official IPO timeline, and plans remain under discussion.

GCash offers digital payments and money transfer services in the Philippines and claims 94 million users.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

GCash’s valuation hinges on missing financial disclosure

$8 billion-plus target lacks proof of profitability, Gross Merchandise Volume (GMV) growth, and loan quality that IPO buyers check.
In the first half of 2025, Globe Telecom reported Globe Fintech Innovations Inc. (Mynt, GCash’s parent) made up 26% of pretax income 1.
Equity earnings rose 78% year over year 1. Mynt’s revenue and EBITDA remain undisclosed 1. EBITDA refers to earnings before interest and taxes. It excludes depreciation and amortization.
With 94 million Filipinos on GCash, a $1 billion to $1.5 billion raise hinges on clear average revenue per user (ARPU) updates and proof of sustainable unit economics beyond payments.
An IPO is targeted for the second half of 2026.
The Philippines Stock Exchange index (PSEi) fell 17% in the past year.

Payment operators can capture tourist spending with GCash

Payment gateways and e-commerce platforms for Philippine sellers can lift transactions by enabling GCash 2.
Tap to Pay works at over 150 million Mastercard locations worldwide 2.
Hotels and attractions in Association of Southeast Asian Nations (ASEAN) hubs such as Malaysia and Thailand can capture Filipino tourist spend by adding GCash via Alipay+ with quick response (QR) codes 3.
Alipay+ handles 80% of inbound QR payments in Malaysia 3.
The Alipay+ tie-up reaches an estimated 8 million Filipinos across 55 markets 4.
Remittance providers and overseas merchants can convert cash-heavy customers through simple digital acceptance.