Globe Telecom fintech unit keeps IPO in mind

Globe Telecom fintech unit keeps IPO in mind

Globe Telecom CEO Ernest Cu said the operator group’s fintech division may go public as the company looks to diversify its business away from traditional telco revenue drivers.  

The chief executive told Bloomberg, the operator would want to list GCash “sometime in 2025”. Cu is the chair of Globe Fintech Innovations, also known as Mynt, the holding company of GCash and the company that will do the IPO.

Cu stated a preference to conduct the IPO in the Philippines but is also weighing. A dual listing possibly in the US, a move to “take advantage of the liquidity in the US market”, while also pointing out limited trade volumes in the Philippines.

The chief executive did not detail the value of the IPO as GCash is still growing and profitable, with 94 million users. Mynt was valued at US$2 billion after its last funding round three years ago.

Globe owns 35% of Mynt, China-based Ant Group have 34%, and other investors include Warburg Pincus, Bow Wave Capital and Ayala Corp, revealed Cu. Ant Group may hold onto its shares if the IPO goes ahead.

Cu claimed there has been “lots of interest” from private equities and foreign funds to invest in GCash.  

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