GCash, the leading e-wallet platform in the Philippines, is unlikely to proceed with its initial public offering (IPO) this year, according to its president and CEO, Martha Sazon.

In an interview with The STAR, Sazon noted that while the IPO is still being considered, no specific timeline has been established.

The company is waiting for what it believes is the most opportune moment to launch, having previously aimed for an IPO by the end of 2025.

The Securities and Exchange Commission (SEC) has permitted a reduced public float requirement of 15%, down from the standard 20%, to facilitate the IPO process for companies.

GCash had earlier indicated interest in applying for this exemption.

The postponement of GCash’s IPO occurs amid increased IPO activity in the Philippines.

Maynilad Water Services, another anticipated listing, recently adjusted its target timeline to the end of October.

However, Sazon highlighted that Maynilad’s schedule does not affect GCash’s decision, stating that the company is focused on thorough preparation.

Concerns regarding regulatory policies impacting online gaming, a significant revenue source for GCash, may also affect the IPO timeline.

Juan Paolo Colet, managing director of China Bank Capital Corp., noted that restrictions in the digital gambling sector could influence GCash’s performance unless it shows strong growth in other services.

Recent GCash developments