Mynt starts taking orders for record IPO in the Philippines

Mynt Inc., the company behind the Philippines’ dominant mobile wallet GCash, has begun accepting investor orders for an initial public offering that would dwarf every previous listing in the country’s history. The target: up to ₱92.3 billion, roughly $1.5 billion, which would make it almost twice the size of the previous record holder.

That record belongs to food conglomerate Monde Nissin, which raised ₱55.89 billion when it went public in 2021.

The numbers behind the offering

Mynt plans to issue up to 8.03 billion shares at a maximum price of ₱10 per share, with an additional 1.2 billion-share overallotment option if demand warrants it. The offer period runs from October 6 to 12, with pricing expected around October 1 and a listing date of October 20 under the ticker GCASH.

At its maximum indicative valuation of ₱669 billion, or approximately $10.9 to $11 billion, Mynt would be worth more than BDO Unibank, the Philippines’ largest bank by market capitalization.

The offering consists predominantly of secondary shares from existing shareholders, including Ant Group, the Chinese fintech giant controlled by Jack Ma’s empire. Only about 30% of IPO proceeds will flow into the company itself, earmarked for expanding Mynt’s lending portfolio and developing new products.

Institutional confidence appears strong. More than 20 cornerstone investors, including BlackRock and T. Rowe Price, have committed to purchasing ₱36.5 billion worth of shares. That accounts for nearly 68.8% of the base offering, meaning more than two-thirds of the deal was effectively spoken for before retail investors even got a look.

The Philippines’ Securities and Exchange Commission approved Mynt’s registration statement in September 2026, with a minimum public float reduced to 12%. President Ferdinand Marcos Jr. is expected to attend the listing ceremony.

From remittance app to financial ecosystem

GCash started life in 2015 as a relatively modest joint venture between Globe Telecom, Ayala Corp., and Ant Group. Its original purpose was straightforward: help Filipinos send money to each other. The app has since evolved into the country’s largest cashless ecosystem, handling everything from bill payments to investments to microloans.

GCash claims approximately 90 million registered users, with 39 to 40 million using the platform monthly. For context, the Philippines has a population of roughly 115 million.

Financially, the platform reported ₱17 trillion in annual gross transaction value and ₱79.8 billion in revenue for 2025.

Globe Telecom remains the largest shareholder at approximately 34% of shares.

What this means for Philippine markets

Mynt’s decision to list domestically, on the Philippine Stock Exchange rather than seeking a foreign listing, represents a vote of confidence in local capital markets. Grab went public via SPAC in the US in 2021, and GoTo listed in Jakarta in 2022.

The 30% of proceeds directed toward lending expansion deserves attention from anyone watching Mynt’s post-IPO trajectory. Scaling a credit portfolio across a population with limited formal credit histories requires sophisticated risk management.