Fintech platform GCash is unlikely to go public this year, while BDO Unibank raised about $2 billion from its fourth ASEAN sustainability bond issuance.
GCash still assessing market conditions: Report
Philippine fintech major GCash‘s planned initial public offering (IPO) will probably not take place this year as the company continues to wait for the best timing.
GCash president and CEO Martha Sazon told The Star that GCash continues to assess market conditions and readiness. While the exact timeline has not been laid out, Sazon said the IPO will definitely take place.
Sazon said the delay was not related to the rescheduling of Maynilad Water Services’s listing and emphasised the company’s focus on preparation.
GCash, the fintech platform operated by Mynt with Globe Telecom as a key founding partner, was reported to have hired banks, including Citi, Jefferies, and UBS, to work on a domestic IPO of up to $1.5 billion that could take place as early as the second half of 2025 or in 2026.
If the listing goes ahead, it will not only be the Philippines’ biggest ever, surpassing the $1-billion IPO of food company Monde Nissin in 2021 but also overhaul exit possibilities in the local startup ecosystem.
BDO raises $2b from ASEAN sustainability bond sale
Philippine lender BDO Unibank Inc. has announced raising 115 billion pesos ($2 billion) from its fourth peso-denominated ASEAN sustainability bond issuance.
In a statement, the bank said the amount raised was significantly higher than its initial target of 5 billion pesos due to strong demand from retail and institutional investors.
The offer period, initially set for July 9 to 22, closed early on July 14 after being oversubscribed by 23 times, the bank said. BDO added that it will use the proceeds to finance or refinance eligible assets, support lending activities, and diversify its funding sources.
The bonds carry a 1.5-year tenor and a fixed coupon rate of 5.875% per annum.
