GCash, the largest fintech platform in the Philippines, has invited banks to pitch for an initial public offering (IPO) in Manila to potentially raise $1 billion to $1.5 billion, Bloomberg reported on Thursday, quoting people familiar with the matter.

The company intends to list in the second half of next year, the people reportedly said. An IPO of that size would likely make it the biggest ever in the country.

Deliberations are ongoing and details of the offering, such as size and timeline, could still change, the people said, the report added.

According to the repore, a representative for GCash, which is controlled by Globe Fintech Innovations Inc, or Mynt, declined to comment.

Mynt chairman Ernest Cu said in an interview in May that GCash planned to go public next year. “We want to do it sooner than later. Sometime in 2025 would be the best estimate I can give you,” he told Bloomberg then.

According to Bloomberg, the biggest IPO in the Philippines to-date was food and beverage firm Monde Nissin Corp’s in 2021, when it raised just over $1 billion.

Last month, Mitsubishi Corp bought a 50 percent stake in AC Ventures Holdings Corp, which owns 13 percent of Globe Fintech.

That followed Mitsubishi UFJ Financial Group Inc acquiring an 8 percent stake in GCash in August, in a transaction that lifted the valuation of the company to $5 billion. Ant Group is another backer, the report added.

GCash’s app can be used for services such as paying bills, and sending and receiving money throughout the Philippines. 94 million Filipinos have used GCash, according to the company’s website.

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