GCash planning PSE-only IPO in H2/25

InsiderPH reported [link] a “ranking company official” as saying that GCash has tentatively scheduled its IPO for the second half of 2025, and that the IPO would not be a dual PH/US listing but instead a dedicated PSE-only listing. As mentioned by InsiderPH, GCash thought it originally needed the dual listing due to concerns that the PSE was not liquid enough to accommodate the sheer size of its P59 billion to P88 billion IPO. GCash now thinks that the PSE is able to take a transaction of that size. The ranking company official referred to the H2/25 tentative date as “a very soft date”.

MB bottom-line: GCash is a massive tease. There’s no doubt the market is hungry for a pure-play mobile wallet bet like GCash, and given the long lines of international investment bankers trying to get into each fundraising round, there’s sure to be a good amount of domestic and international interest even if the IPO is just on the PSE. While it would be wild and foolish to ignore the coming GCash IPO--it’s so big that it could cause price action movements in other stocks as investors migrate out of positions to buy into the deal--the slow walk of all-time slow walks is frustrating to cover and think about. I’ve been wanting to buy a piece of this for literal years. So has everybody else. But do I want to be exit liquidity for the institutional investors who already got their slice of the growth pie? That’s the part I don’t know. The longer we wait, the less interesting the growth story gets for IPO buyers.

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