MANILA — Globe Telecom reiterated on Monday that it has no set date yet for the much-anticipated initial public offering of its fintech unit GCash (Mynt).

"With regard to the sale of shares of Globe Fintech Innovations, Inc. (Mynt), we would like to reiterate that no final decisions have been made at this point. GCash is currently evaluating all available options, and the timing of any potential actions will be contingent upon market conditions," the Ayala-led telco said in a disclosure to the stock exchange.

Globe still keen on GCash IPO in Philippines but eyes smaller public float

Globe issued the statement after another news outlet reported that the Ayala-led telco aims to hold the IPO in the second half of the year, after the midterm elections.  

The company also said it has not yet determined how much it plans to offer to the public when it lists on the stock exchange.

"As for the $1 billion to $1.5 billion investment, there is likewise no decision made or material information to be disclosed at this point, given that GCash remains focused on growing the business, with or without an IPO," Globe added.

This was also in response to the news story that investment houses were considering equally splitting among themselves the  $1 billion to $1.5 billion IPO of GCash.

Globe said it will disclose details about the IPO "in due course."

During its press briefing last Friday, Globe President and CEO Ernest Cu said they were still keen on a local listing for GCash, but were eyeing a smaller public float than the 20 percent required by the Philippine Stock Exchange and the Securities and Exchange Commission.

Cu said that the 20 percent rule was "quite rigid" given the market conditions. Some analysts have said that the GCash IPO, which is expected to break records, may be too big for the PSE to absorb.

Since hitting a high around the 7,500 level in October last year, the PSE index has fallen back to near the 6,000 level in recent weeks amid concerns about slowing GDP growth and global economic headwinds over the policies of US President Donald Trump.

Meanwhile, GCash's valuation soared to around $5 billion last year following fresh investments from Ayala Corp and Japanese finance giant MUFG.

Globe also reported its share in Mynt's equity earnings reached a record P3.8 billion in 2024, which was 59 percent higher than the P2.4 billion booked in 2023.