GCash parent prices Philippine IPO at record $966 million

GCash parent company has priced its Philippine IPO at a record $966 million today in Manila, Nikkei Asia reports. The deal signals a potential revival for Manila’s equity market after a muted run of offerings and highlights investor demand for fintech exposure in Southeast Asia. It also puts the company behind GCash in the spotlight as public markets test appetite for growth names.

Nikkei Asia says the offering will list on the Philippine Stock Exchange, with proceeds expected to fund expansion of payments and lending and general corporate purposes. Key shareholders include Globe Telecom and Ant Group, Nikkei Asia notes, and detailed per-share pricing and allocation timelines were not immediately disclosed at this stage. Market watchers will be looking for the listing date, final prospectus filings, early trading performance, and how local and foreign investors respond. [Developing. This article will be updated.]