GCash clarifies IPO plans; aims to be ready ‘when opportune time comes’

GCash clarifies IPO plans; aims to be ready ‘when opportune time comes’

ELECTRONIC wallet platform GCash has clarified that it is working to be “ready” following its announcement of the initial public offering (IPO) target.

“We reiterate that our plan is to become push-button ready when the opportune time comes,”Oscar A. Reyes, Jr., president and chief executive officer of G-Xchange, Inc., said in a statement on Monday.

The company is focusing on its growth strategy, aiming to add more value for its users, he also said.

It also aims to “make GCash the safest and most trusted platform championing financial inclusion.”

This follows the company’s earlier statement expressing its intention to go public in a favorable market, aiming for the second half of the year.

G-Xchange is the operator of GCash. The parent firm of GCash, Globe Fintech Innovations, Inc., is an affiliate of listed telecommunications company Globe Telecom, Inc.

Currently, GCash has over 80 million registered users. It has launched its beat version allowing it operate in UK, Italy, Australia, US, Canada, and Japan to use the electronic wallet platform.

By the first quarter of the year, GCash hopes to expand its reach and operate in Middle East.  It also said that it is planning to expand in some parts of Europe and Asia.

At the local bourse on Tuesday, shares in the company closed P16 higher or 0.89% to end at P1,806 apiece. — Ashley Erika O. Jose