GCash parent Mynt debuts on PSE in record $967M Philippine IPO

The debut landed amid a broader tech-stock selloff that sank other new listings, showing investors still want Southeast Asia's unbanked millions.

• Mynt, the parent of GCash, raised ₱60.9 billion (about $967 million) in its October 20, 2026 debut on the Philippine Stock Exchange, the largest IPO in Philippine history.
• GCash is the Philippines' dominant mobile wallet, used by 41.5 million monthly active users — nearly 56% of the country's adult population — for payments, lending, savings and insurance.
• Mynt sold 8.03 billion shares at ₱6.60 apiece, with 60% of primary offering proceeds earmarked for expanding its CreditTech lending business and the rest for product development.
• Shares opened at ₱6.64, giving Mynt a ₱441.5 billion (about $7 billion) market capitalization at listing, making it the seventh-largest domestic company on the PSE.
• GCash users completed ₱9.84 trillion in payment transactions in the first half of 2026, while Mynt posted ₱10.82 billion in net income on ₱43.27 billion in revenue over the same period.
• The listing follows a 2024 round that valued Mynt at $5 billion with new backing from Ayala Corp and Mitsubishi UFJ Financial Group; earlier 2026 pre-IPO plans had targeted as much as $1.5 billion raised at a $10.7 billion valuation before pricing came in lower.
• J.P. Morgan, which led the offering, said nearly 200 institutional investors across Asia, Europe and the US were engaged, leaving the order book oversubscribed despite weak market liquidity.
• The deal shows global investors remain willing to back high-quality Southeast Asian digital businesses even amid a broader tech-stock selloff, a potential opening for more regional listings.