THE Philippine Stock Exchange (PSE) has approved the proposed initial public offering (IPO) of Mynt Inc., parent of e-wallet platform GCash, clearing the way for its planned market debut next month.
The PSE said Friday it approved Mynt’s IPO application covering up to 8.03 billion primary and secondary common shares, with an overallotment option of up to 1.20 billion additional secondary shares.
The base offering consists of up to 1.61 billion primary shares and 6.42 billion secondary shares. At the maximum offer price of P10 per share, the base offering would amount to about P80.27 billion, while the overallotment option could bring the total offering to about P92.32 billion.
The final price will be determined through book building and could be lowered to P8.50 or P7.50 per share.
If priced at the maximum, the offering would surpass the P55.89-billion IPO of Monde Nissin Corp. in 2021, potentially making Mynt’s debut the largest IPO in Philippine stock market history.
The shares will be listed on the PSE Main Board under the trading symbol “GCASH.” The offer period is scheduled for Oct. 6-12, with the final offer price to be determined on Oct. 1 following the book-building exercise.
The tentative listing date is Oct. 20.
“We welcome this highly anticipated IPO, which is poised to set the record as the largest public offering in PSE history. I hope this landmark listing will pave the way for more fintech and digital economy firms to go public and raise capital through the equities market,” PSE President and CEO Ramon Monzon said.
Monzon also expects the offering to boost market activity and broaden retail participation, as IPO subscriptions will be available through GStocks in the GCash application.
“I am optimistic that this debut will drive strong market activity ahead of Q4 (fourth quarter). Considering that the IPO subscription will also be made available through GStocks in the GCash app, we expect to see a significant uptick in new retail investors,” he said.
The PSE approval follows the Securities and Exchange Commission’s (SEC) clearance of the offering earlier this month. Mynt filed its IPO application with the SEC on June 27.
Mynt is the first company to secure IPO approval under the SEC’s revised minimum public ownership rules for issuers expected to have an unusually large market capitalization upon listing.
Under SEC Memorandum Circular 11, Series of 2026, or the Minimum Public Ownership Rules for Issuers of Shares of Stock to be Listed on an Exchange, the public float requirement may be reduced to 12 percent from the standard 15 percent for qualified large issuers.
The rule allows the SEC, upon the recommendation of the PSE, to reduce the minimum public ownership requirement for companies expected to reach an unusually large market capitalization upon listing.
Based on Mynt’s registration data submitted to the SEC, the company is projected to have an initial market capitalization of P668.96 billion, above the P200-billion minimum threshold under the new rules.
Following the IPO, Mynt plans to have shares equivalent to 12 percent of its total outstanding shares held by the public.
Mynt was founded in 2015 by Globe Telecom, Ayala Corp. and the Ant Group, formerly known as Ant Financial. Globe and Ayala are among Mynt’s major shareholders.
The primary portion of the offering is expected to generate about P14.95 billion in net proceeds which Mynt plans to use for expansion, product development, and general corporate purposes. The secondary portion will consist of shares sold by existing shareholders.
Mynt has tapped BPI Capital Corp. and BDO Capital & Investment Corp. as domestic lead underwriters and joint bookrunners.
Its international joint bookrunners are Jefferies Singapore Ltd., CLSA Ltd. and HSBC Singapore Branch, while Morgan Stanley & Co. International PLC, J.P. Morgan Securities PLC, and UBS AG Singapore Branch will serve as joint global coordinators and joint bookrunners.
The offering remains subject to compliance with the conditions set by the SEC and the PSE.
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, with the latest data from the Philippine Statistics Authority showing 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.
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 revenue of P79.8 billion and profit of P17.2 billion 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 is expected to become the country’s first listed fintech company.
“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, noting that this would therefore make the GCash IPO more than just a large corporate transaction.
The IPO could serve as 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.
