The company behind GCash, a leading mobile wallet in the Philippines, plans to reduce its public float to 10%-15% for its IPO, below the Philippines’ 20% minimum requirement.

Globe Telecom president and CEO Ernest Cu said this would offer more flexibility in assessing market demand.

Approval from the country’s Securities and Exchange Commission is needed, and discussions are ongoing. The IPO could raise US$1 billion to US$1.5 billion, with a potential listing by the end of 2025.

GCash, valued at US$5 billion, serves around 94 million users. Its last funding round included an 8% stake acquisition by Mitsubishi UFJ Financial Group, while Ant Group remains a key shareholder.

The company is expanding beyond payments, enhancing lending and investment services.

Cu will step down as Globe’s CEO in April, succeeded by Carl Raymond Cruz, former Airtel Nigeria CEO. However, he will continue as chairman of Mynt, the parent of GCash.

Recent GCash developments