GCash Parent Mynt Prices Record Philippine IPO at P6.60 a Share, Valuing Fintech at $7 Billion #

Mynt Inc., the Philippine fintech company that operates the country’s mobile wallet GCash, set a final IPO offer price of P6.60 per share, giving it a market capitalisation of approximately $7 billion ahead of its scheduled October 20 listing on the Philippine Stock Exchange (PSE), the company announced on 2 October 2026.

The price came in well below the P10-per-share ceiling the company had originally floated to the market, following a bookbuilding process that drew strong institutional interest. According to Mynt’s announcement, the offering was oversubscribed by multiple times, with major foreign and domestic institutions, including BlackRock, Fidelity and the International Finance Corporation, committing to the deal.

The base offering covers just over 8 billion common shares, raising approximately P52.98 billion. Should the overallotment option of up to 1.2 billion additional secondary shares be fully exercised, total proceeds could reach P60.9 billion, equivalent to roughly $970 million, which would make the listing the largest in PSE history, surpassing Monde Nissin’s P55.89 billion offering in 2021.

The deal is predominantly secondary, meaning most of the capital raised will flow to existing shareholders, including private equity funds and senior company officers, rather than to Mynt’s balance sheet. The firm’s principal backers include Globe Telecom, which holds approximately a 34 percent stake and is Mynt’s single largest shareholder, alongside Ant International, Ayala Corporation and Mitsubishi UFJ Financial Group.

GCash began as a mobile payments tool and has since expanded to offer credit, savings and investment products, becoming the Philippines’ leading finance super-app. The platform’s adoption accelerated during the pandemic.

PSE President and CEO Ramon Monzon said the listing could stimulate local capital markets, drawing other fintech and digital-economy companies to consider Philippine exchange listings and broadening retail investor participation in the sector.

Retail investors will be able to subscribe during the offer period running from 6 to 12 October, with shares trading under the ticker “GCASH” from 20 October. The lower-than-expected final price drew a broadly constructive reaction from analysts, with some describing it as a compromise that balances GCash’s growth premium against the discipline demanded by the current market environment.

Source: Mynt Newsroom