GCash to market IPO to foreign investors

E-wallet pioneer GCash may sell its initial public offering (IPO) to foreign investors following its decision to work with overseas banks in arranging its share sale, according to experts.

- ELIJAH FELICE ROSALES

Analysts interviewed by The STAR said GCash would likely proceed this year with its longstanding plan to go public as signaled by its reported move to employ the services of some of the most reputable banks in the world.

Citing sources in a report, Bloomberg said GCash has selected JPMorgan Chase & Co., Morgan Stanley and UBS Group AG to arrange its share sale.

Likewise, Bloomberg named HSBC Holdings PLC and Jefferies Financial Group Inc. as some of the other banks that may work in GCash's IPO. Bloomberg clarified that nothing is final, but the e-wallet is starting to make considerations.

China Bank Capital Corp. managing director Juan Paolo Colet said GCash might still be interested in listing here in the Philippines.