MYNT Inc., the parent company of GCash, has secured commitments from over 20 global and domestic institutional investors for nearly 68.8 percent of the shares to be offered under a planned initial public offering (IPO), which could raise up to P92.3 billion at the maximum offer price.
These cornerstone investors had committed to subscribe to about P36.5 billion worth of the shares to be offered, Mynt said, excluding the overallotment option.
They include BlackRock, Capital Research and Management Co., HSBC Global Asset Management, International Finance Corp. (IFC), Lazard Asset Management, Ninety One, Schroders and T. Rowe Price, and domestic companies Atram Trust Corp., BPI Asset Management and Trust Corp., China Bank Capital Corp., Metrobank Bank & Trust Co., Philequity Management Inc. and RCBC Capital Corp.
This is the largest number of cornerstone investors secured for a Philippine IPO to date, Mynt said.
“We believe this reflects confidence in our position as the nation’s number one finance super app, our track record of profitable growth, and the significant market opportunity that lies ahead of us,” Mynt President and CEO Martha Sazon said.
Mynt Chief Finance Officer Evelyn Ng added that “the breadth and quality of cornerstone investor participation from both global and domestic institutions speaks to the strength of Mynt today and the opportunity ahead.”
Eric Jurado, hedge fund manager for Southeast Asia Focus Portfolio, said GCash’s scale and its ability to convert that scale into sustained earnings growth is what likely drew the institutional interest, noting that one of GCash’s most difficult-to-replicate advantages is the ecosystem it has already built.
But the longer-term measure of Mynt’s IPO would be “whether one of the Philippines’ most successful digital platforms can continue turning its enormous user base into a long-term earnings-compounding machine,” he stressed.
As of June 2026, Mynt had 41.5 million monthly active users, or nearly 56 percent of the Philippine adult population, Jurado said.
Beyond its core wallet business, GCash serves 7.5 million active borrower while its platform manages 17.9 million savings accounts and 9.2 million managed investment-fund accounts. Approximately 2 million local stock-market accounts are also linked to the platform.
“A competitor would not simply have to create another mobile wallet. It would have to build a comparable customer base, merchant network, financial infrastructure, brand, regulatory capabilities, and ecosystem of financial products,” Jurado noted.
He said GCash had also benefited from growing digital payment adoption in the Philippines, which rose to 20.1 percent in December 2020 to 66.4 percent by December 2025.
Jurado noted that Mynt’s net profit from 2023 to 2025 rose at a compound annual growth rate of about 64 percent, while for the first half of 2026, net profit rose 7.3 percent year on year to approximately P10.82 billion.
“Simply annualizing the first-half figure gives approximately P21.65 billion of potential 2026 earnings. That would still represent roughly 25.5 percent growth over 2025,” he said.
Using various price-to-earnings multiple estimates based on an assumed 66.9 billion shares outstanding after the IPO, Jurado forecasts a valuation of between P6.85 and P10.31 per share by 2030, but added that these estimates were just a framework for examining the valuation investors would be paying for Mynt’s future earnings growth.
Mynt’s next phase after the IPO would depend on its ability to deepen customer engagement and expand its ecosystem, he said.
“Go deep by increasing engagement and the number of financial services each customer uses. Go wide by bringing more Filipinos, including those overseas, consumers, merchants, and businesses into the ecosystem. That means execution matters. Competition matters. Credit quality matters. Regulation matters. And, perhaps most importantly, earnings growth matters,” he said.
Jurado further said a lower IPO price would provide a wider margin of safety, while the maximum P10 offer price would place greater importance on Mynt’s ability to execute its growth strategy. “The margin of safety becomes greater if the IPO price is below P7.”
Mynt is offering up to 8.03 billion primary and secondary common shares at a maximum price of P10 each, consisting of up to 1.61 billion primary shares and 6.42 billion secondary shares, with an overallotment option of up to 1.20 billion secondary shares.
At the maximum offer price, the IPO could raise about P80.3 billion before the overallotment option. Full exercise of the option could bring the transaction to about P92.3 billion, while Mynt would have an implied equity valuation of about P669 billion based on up to 66.9 billion shares outstanding after the offering.
The final offer price is expected to be determined on Oct. 1 following the book-building process. The offer period is scheduled for Oct. 6 to 12, with the shares expected to begin trading on the PSE Main Board on Oct. 20 under the ticker “GCASH.”
