GLOBE Telecom has affirmed its readiness to proceed with the highly anticipated Initial Public Offering (IPO) of its mobile wallet platform, GCash.
Described as being in “push button mode,” Globe is poised to proceed with the IPO as soon as market conditions, valuations and investor interest align to ensure a successful offering in the Philippine market.
During a media forum following Globe’s Annual Stockholders’ Meeting on Tuesday, April 22, 2025, at the Fairmont Makati, newly elected president and chief executive officer Carl Cruz acknowledged recent global developments, including the tariff rollouts by US President Donald Trump.
However, he affirmed that “nothing has changed” in the fundamental goal of a successful GCash IPO.
“We want to ensure that the macro environment, when we do the IPO, would be very conducive for this particular offering... to be the most successful in the Philippine market. This is where we are right now,” Cruz said.
Globe Fintech Innovations Inc. (Mynt), the parent company of GCash, is aiming for an $8 billion valuation in its planned IPO, with a proposed 15 percent public float worth around $1.2 billion.
The IPO depends on getting special approval from the Securities and Exchange Commission, which usually requires companies to sell at least 20 percent of their shares to the public, but may allow just 15 percent for a limited time under strict rules.
GCash is seeking an exemption due to concerns about market liquidity and has not yet announced a listing date.
This proactive stance on the GCash IPO comes alongside a positive outlook for Globe’s core business.
Growth
Globe, under Cruz, aims to be the “most admired, most profitable, but also the largest telco company” in the Philippines, currently holding the top position in mobile.
The telco giant anticipates sustained growth in mobile, with the business-to-business (B2B) enterprise segment expected to achieve the highest growth rate in the next few years.
Furthermore, Globe is focused on improving its standing in the fiber and broadband sector.
It is projecting modest revenue growth in the near term, with expectations of acceleration in line with the Philippines’ rapidly growing digital economy, now among the fastest in Southeast Asia.
Currently, mobile services account for around 75 percent of Globe’s total revenue.
Globe also reiterated its focus on profitability, targeting an Earnings Before Interest, Taxes, Depreciation, and Amortization margin of around 50 percent, emphasizing cost efficiency as key to sustaining operations and supporting ongoing capital investments.
The company also sees strong growth potential across its other business segments, including enterprise services catering to both large businesses and small and medium enterprises.
