$1.5 billion GCash IPO: How Filipinos, OFWs can buy into country’s biggest all-time stock-market debut

For GCash's early private equity backers, record IPO will be ultimate payday

GCash's IPO enables early PE exits after 5-6 years; 80% of shares are secondary, so most proceeds go to Bow Wave, Warburg Pincus, and Insight Partners. The mass exit signals SE Asian fintech maturity but raises questions about valuation and growth runway for new retail investors.