Mynt Inc.

Fintech · Payments · Capital Markets

IPO

GCash parent Mynt's IPO oversubscribed up to 4x by retail buyers

The offering could become the Philippines' largest-ever stock listing, with institutions already locked into most shares before retail interest surged.

• Mynt Inc., parent of GCash, opened its IPO on Oct. 6 through Oct. 12 at P6.60 per share, a base offering of roughly P53 billion that could grow to about P60.9 billion if the overallotment option is fully exercised.
• Mynt operates GCash, the Philippines' dominant financial super app with 41.5 million monthly active users, covering more than a third of the country and half its adult population.
• Retail investors could subscribe for as little as 100 shares (P660) directly inside the GCash app via the GStocks PH platform, with no separate bank account or broker required.
• The domestic/retail tranche of 2.41 billion shares, 30% of the total offering, was oversubscribed roughly two to four times across brokerages, while over 20 institutions including BlackRock, IFC, BPI and Metrobank units took about 70% of the allocation.
• BDO Capital president Eduardo Francisco said domestic demand, including large orders from GSIS and SSS, exceeded historical levels for local IPOs, prompting a push for a bigger retail allocation.
• Mynt is set to list on the Philippine Stock Exchange's main board on Oct. 20 under ticker GCASH, and a fully exercised overallotment would make it the largest IPO in Philippine history.
• The rush of retail demand, funneled entirely through GCash's own app, shows how embedded fintech platforms can turn millions of mobile wallet users into first-time stock investors.