Record-breaking: GCash applies for P 92.3-B IPO

[Vantage Point] Can the market handle GCash?

GCash targets an $8B IPO, testing the PSE's capacity to absorb a fintech super-app (94M users, payments + lending + insurance) valued on growth, not assets. For tech leaders, the stress test reveals: payment margins compress under fee competition (Maya, banks), monetization hinges on cross-sell to a largely saturated user base, with structural market illiquidity limiting upside.