Mynt (GCash)

Fintech · Payments · Philippines

IPO

GCash parent Mynt raises $966M in Philippines' largest-ever IPO

Most of the shares sold are existing stakes cashed in by early backers rather than fresh capital for the company.

• Mynt, the parent of e-wallet GCash, began trading on the Philippine Stock Exchange on October 20 under ticker GCASH after pricing shares at ₱6.60 and raising up to ₱60.9 billion (about $966M), the country's largest-ever IPO.
• GCash is the Philippines' dominant mobile wallet, with about 94 million registered users relying on it for payments, remittances, savings, insurance and credit.
• The offer price valued Mynt at roughly $7 billion, but most of the 8.03-9.23 billion shares sold were secondary stock from existing owners like Globe, Ant International, Warburg Pincus and MUFG, not new company issuance.
• About 22 cornerstone investors committed capital before the public offer opened, and retail demand was so strong that some brokerages saw allocations oversubscribed up to four times.
• Mynt said it would direct 60% of primary IPO proceeds to its CreditTech lending and wealth-management unit, 20% to product innovation and 20% to general corporate functions.
• GCash users could buy shares directly inside the app via GStocks PH with a 100-share minimum (about $10.50), a test of whether embedded distribution can widen stock ownership in a market where only about 1% of Filipinos hold equities.
• The listing signals renewed confidence in Southeast Asian tech offerings and shows a dominant regional fintech choosing to go public at home rather than chase a richer valuation overseas.