MANILA - Globe Telecom on Thursday clarified that the much-anticipated initial public offering of its fintech unit GCash will still depend on favorable market conditions.

The Ayala-led telco issued the clarification after Globe President and CEO Ernest Cu was quoted in a report saying the company may hold GCash’s IPO next year.

Globe said it is aiming for GCash to “unlock its fair value upon listing.”

“GCash is also monitoring developments and reforms to the capital markets that would further improve the landscape of being a publicly listed company, while studying the possibility of a dual listing,” Globe said

The Philippine Stock Exchange climbed in the first three months of the year, but its year-to-date gains were later erased amid concerns that the Bangko Sentral ng Pilipinas will keep rates high for a longer period due to inflation risks.  

Globe said GCash's plan is “to become push-button-ready when the opportune time comes”. For now, GCash remains focused on growth, Globe said.

The fintech platform was valued at over $2 billion in 2021 after raising $300 million from global investors.

“The Globe Group’s share in Mynt’s equity earnings amounted to P2.4 billion, which now accounts for 7 percent of this year’s net income before tax,” Globe said in its 2024 financial report.