BIZ BUZZ: GStocks users get first dibs on GCash IPO

MANILA, Philippines – The record-breaking P92.3-billion initial public offering (IPO) of homegrown fintech giant GCash (through parent Mynt) could just be that catalyst needed to democratize and demystify stock market trading in the country.

A well-placed industry source told Biz Buzz that GCash plans to offer IPO shares to all the GCash account holders.

“But to avail of that allocation, you have to open GStocks account,” the source said.

Article continues after this advertisement

GStocks is an app within the GCash platform that allows GCash users to open a stock trading account with affiliate stock brokerage AB Capital Securities Inc. (ABCSI). It currently has about 2 million account holders.

FEATURED STORIES

BUSINESS

BUSINESS

BUSINESS

Based on the latest Philippine Stock Exchange (PSE) report, there were 3.64 million total stock trading accounts as of end-2025. These are mostly held by retail investors, 3.22 million of whom use online brokers.

GCash, for its part, has more than 90 million users (of whom 40.4 million are monthly active users, based on the IPO prospectus)—equivalent to 75 percent of the Philippine population.

So imagine the potential surge in stock trading accounts if at the grassroots level, GCash users avail of their allocation.

While local small investors also have the option to apply for IPO shares through the PSE Electronic Allocation System or PSE EASy mechanism, for upstart investors, GStocks is pitched as an easier gateway.

Article continues after this advertisement

GCash now owns 33 percent of ABCSI, which is led by its president, Corrine Hazel Tañedo and chaired by Miguel Aboitiz.

In 2023, GCash struck a deal to buy into ABCSI in several tranches until 50 percent is reached.

Article continues after this advertisement

With big banks (Bank of the Philippine Islands making the first move) waiving Instapay money transfer fees ahead of this IPO, GCash needs to fire all cylinders. The equities market has a very low penetration rate at this time, but this asset class has no way to go but up, especially with a hot IPO coming soon. —Doris Dumlao-Abadilla

PSE chief dismisses ICTSI delisting rumors

Rumors that port giant International Container Terminal Services Inc. (ICTSI) may leave the local bourse and list overseas have yet to send chills to the Philippine Stock Exchange (PSE).

PSE president and CEO Ramon Monzon said he had not received any indication from ICTSI chair Enrique Razon Jr. that the listed ports operator was considering delisting or transferring to another exchange such as Hong Kong.

“He (Razon) has not even asked me about this or talked to me about this,” he said.

Instead of focusing on the rumors, Monzon pointed to ICTSI’s strong valuation as evidence that investors already recognize the strength of its international business.

He noted that the broader Philippine Stock Exchange trades at roughly 9.6 to 9.7 times price-to-earnings ratio, while Hong Kong equities market trades at around 12 times earnings.

ICTSI, meanwhile, is trading at about 29.6 times earnings.

According to Monzon, this suggests that both local and foreign investors participating in the Philippine market are already assigning an appropriate premium to ICTSI despite the lower valuation multiples of the broader market.

“What that tells me is that the local market and investors recognize the value and potential of ICTSI’s international business,” he said.

Monzon described ICTSI as the “superstar” of the Philippine stock market, noting that few listed companies elsewhere command similarly high valuation multiples.

The PSE chief added that he continues to closely monitor ICTSI’s share performance as the company moves closer to another milestone—becoming the country’s first listed firm to reach a market capitalization of P2 trillion.

Your subscription could not be saved. Please try again.

Your subscription has been successful.

“I don’t know what the plan is, if there are any plans at all,” Monzon said. —Emmanuel John B. Abris