菲律宾资本信心崩塌？GCash吓退，史上最大IPO推迟

Core Insights - GCash, a Philippine fintech company, has postponed its initial public offering (IPO) plans to the second half of 2026, reflecting the weak confidence in the Philippine stock market, which has seen a 17% decline in the past 12 months [2][4]. Company Summary - GCash is supported by Ant Group and Japan's Mitsubishi UFJ Financial Group, originally planning to go public as early as 2025 [4]. - The company aims to raise between $1 billion and $1.5 billion, which would make it the largest IPO in Philippine history, surpassing Monde Nissin's record of over $1 billion in 2021 [4]. - Globe Telecom currently holds a 36% stake in Globe Fintech Innovations Inc. (Mynt), the operator of GCash [4]. - GCash has engaged Citi, Jefferies, and UBS as its domestic underwriters for the IPO [4]. - As of 2025, GCash has served approximately 94 million users in the Philippines [4]. Industry Summary - The postponement of GCash's IPO highlights the challenging environment in the Philippine capital market, with several companies, including casino operator Hann Holdings Inc., also delaying their listing plans due to market sluggishness [2][4].