The fintech giant has tapped Wall Street heavyweights J.P. Morgan, Morgan Stanley and UBS alongside and domestic leaders BPI Capital and BDO Capital to lead the landmark share sale, according to a market insider.
The final lineup, which is expected to include several other local banks, will support GCash’s planned IPO. Company officials could not comment on the listing.
Listing target in Q3
The insider said all domestic banks will be asked to join the massive offer, which could value GCash at over P600 billion at the maximum offer price—larger than most of the country’s top banks.
The insider said they’re hoping to kick off the IPO within “the next two months,” which, of course, will depend on market conditions.
Foreign demand key
“The deal is so large, so we’re relying on foreign institutions to buy most of it,” the insider said.
“The local market has been weak, so possibly P5-8 billion from locals is already a huge success,” he insider said, noting the intention is to also make the offer “inclusive” and allow small investors to buy Mynt.
The deal could raise as much as P92.3 billion and become the largest Philippine Stock Exchange listing, Bloomberg News reported on Friday.
Record deal takes shape
Morgan Stanley, J.P. Morgan and UBS, hired as joint global coordinators, will oversee the deal’s structure, pricing and marketing to institutional investors around the world.
BPI Capital and BDO Capital, the investment banking arms of the Philippines’ two largest banks, will lead the domestic share sale and distribution.
UBS and J.P. Morgan also helped lead the blockbuster IPO of Monde Nissin, which has held the record as the PSE's largest listing since 2021.
Both banks have also worked on some of the world’s biggest offerings, including Elon Musk’s SpaceX, which made history as the largest ever IPO.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
