THE upcoming initial public offering (IPO) of GCash parent Mynt Inc. has caught the attention of Aequitas Research, an independent research firm in the Asia-Pacific region focused on equity-capital-markets transactions in the region.
Philippine Stock Exchange (PSE) President and CEO Ramon Monzon said the IPO could significantly increase retail participation because subscriptions will also be available through GStocks in the GCash app.
“I am optimistic that this debut will drive strong market activity ahead of Q4 (fourth quarter),” Monzon said, adding that the availability of the IPO through GStocks could result in a “significant uptick” in new retail investors.
Aequitas included GCash in its Sept. 21 equity capital markets weekly report covering IPOs and other equity-market transactions.
The firm’s coverage places the Mynt offering in a broader regional equity-capital-markets context.
Aequitas has said it focuses on IPOs and share placements of at least $100 million across Asia-Pacific, excluding A-shares, and tracks major transactions from an investor-oriented perspective.
Its research covers factors such as deal structures, valuations, market conditions and other considerations that may affect investor reception of an equity offering.
For the Philippine market, the Mynt transaction stands out primarily because of its scale.
The PSE has approved up to 8.03 billion firm shares at a maximum offer price of P10 each, potentially making the listing the largest public offering in the exchange’s history.
The offering consists of up to 1.61 billion primary shares and 6.42 billion secondary shares, with an over-allotment option of up to 1.20 billion secondary shares.
Proceeds from the primary shares will be used for digital financial-services growth initiatives, product development and general corporate purposes.
The local bourse said the planned listing could also encourage other fintech and digital-economy companies to consider the equities market as a source of capital.
Mynt said GStocks had 1.7 million users as of 2025, accounting for 53 percent of all online retail stock-market accounts in the Philippines.
PSE data showed the country had 3.64 million stock-market accounts in 2025, 99.2 percent of which were retail accounts.
Online retail accounts grew 30.5 percent during the year, while total stock-market accounts increased 27.3 percent.
The PSE approval remains subject to Mynt’s compliance with post-approval requirements of the exchange, the Securities and Exchange Commission, and other regulators.
