(UPDATE) MANILA, Philippines — Mynt Inc., operator of e-wallet giant GCash, has secured the Philippine Stock Exchange’s (PSE) approval for its proposed initial public offering (IPO) listing, bringing the planned offering closer to a potential market debut.
In a disclosure amended on Thursday, parent Globe Telecom Inc. said Mynt received the PSE’s Notice of Approval (NOA) for its listing application covering up to 8.027 billion common shares.
The application also includes an overallotment option of up to 1.204 billion secondary common shares, subject to certain conditions, Globe said.
The PSE approval follows Mynt’s receipt of a pre-effective letter from the Securities and Exchange Commission (SEC) on Sept. 5, 2026 in connection with its proposed IPO.
The offering, however, is not yet final as it remains subject to compliance with the conditions set by the SEC in its pre-effective letter and the PSE in its NOA, Globe said.
Boost to PH capital market
The IPO could help deepen retail participation in the Philippine capital market by bringing millions of existing digital-finance users closer to stock-market investing, Galing sa Puso party-list Rep. Jan “JP” Padiernos said.
Padiernos, a member of the House of Representatives' Committee on Banks and Financial Intermediaries, said about 49 million Filipinos, or roughly 42 percent of the population, use the e-wallet platform, giving Mynt a broad potential investor base as it prepares for what could be one of the country’s largest IPOs.
The planned offering comes as the country’s economic growth has slowed.
Latest data from the Philippine Statistics Authority reported that the economy grew 2.3 percent in the second quarter of 2026, while gross capital formation declined 9.2 percent.
“Against this backdrop, Mynt’s IPO could provide a fresh avenue for both institutional and retail investors to participate in the growth of a homegrown digital-finance company,” Padiernos said in a statement Friday.
The IPO has a maximum indicative price of P10 per share and could involve up to P92.3 billion in shares, including primary shares issued by Mynt and secondary shares sold by an existing shareholder. The final price will be determined through book building and could be lowered to P8.50 or P7.50 per share.
Padiernos said Mynt’s reach could help connect ordinary Filipinos who already use GCash for payments, transfers, savings and other financial services to formal investments. He noted that more than 78 percent of GCash users are outside Metro Manila.
“This makes the Mynt IPO particularly relevant to the broader effort to deepen retail participation in the Philippine capital market,” he said.
Mynt reported P79.8 billion in revenue and P17.2 billion in profit in 2025. Its financial ecosystem includes payments, lending, savings, insurance and investment products. Fuse Financing reported P362 billion in cumulative loans disbursed by 2025, while GStocks PH had 1.7 million users in 2025.
Padiernos said the IPO was also significant for the PSE because Mynt was expected to become the country’s first listed fintech company.
The primary portion of the offering is expected to generate about P14.95 billion in net proceeds for expansion, product development and general corporate purposes.
“At a time when economic growth has slowed and investment activity has weakened, the entry of a large, profitable and widely used Filipino fintech company into the stock market could provide a timely opportunity to expand participation in equities and demonstrate the economic potential of digital finance,” Padiernos said, making the GCash IPO, therefore, more than a large corporate transaction.
The IPO could become a bridge between the 49 million Filipinos already participating in the GCash digital economy and a Philippine capital market that needs more investors, more investment and broader public participation in corporate ownership, the lawmaker added.
