GCash seeks to lower IPO public float requirement

GCash, the leading mobile wallet in the Philippines, is seeking to lower its minimum public float for its upcoming initial public offering (IPO) to 10%-15%. This request comes as the current requirement is 20%, which GCash executives believe is too high given market conditions. The company plans to raise between $1 billion and $1.5 billion through the IPO, with interest from foreign investors. GCash has around 94 million users and is diversifying its offerings beyond payments, focusing on lending and investment products. Globe Telecom's CEO, Ernest Cu, will step down in April but will remain as chair of GCash's parent company, Mynt. Globe reported a slight profit drop last year, but revenue increased due to growth in corporate data services.