Mynt targets P92.32-B IPO in October

CEBU, Philippines — GCash has moved a step closer to the Philippine stock market after the Securities and Exchange Commission approved the proposed initial public offering of its parent company Mynt, which the company says could raise as much as P92.32 billion and become the country’s largest IPO (Initial Public Offering).

Mynt said the proposed offering, if fully subscribed at the maximum offer price, could become the largest initial public offering in Philippine history, marking a landmark listing for one of the country’s most prominent technology and financial services companies.

The SEC approval covers up to 1.61 billion primary common shares and 6.42 billion secondary shares, with an overallotment option of up to 1.20 billion shares, according to Mynt. The maximum offer price is P10 a share.

At the maximum offer size, the transaction would have a potential value of about P92.32 billion, based on the company’s proposed share offering.

Mynt expects to raise approximately P14.95 billion in net proceeds from the primary offering, which it plans to use to expand its digital financial services, develop products and fund general corporate requirements, the company said.

The proposed offering would give Mynt an estimated initial market capitalization of about P668.96 billion, according to the company.

A landmark deal for Philippine fintech

If completed at its maximum size, the IPO would, according to Mynt, surpass previous Philippine IPOs in terms of offer value.

The claim puts the proposed flotation in a different league from most recent listings on the Philippine Stock Exchange and highlights the growing scale of the country’s technology and financial-services sector.

The deal would also bring one of the Philippines’ most recognizable consumer technology brands into the public market, potentially giving investors direct exposure to the expansion of digital financial services in the country.

Mynt’s proposed listing comes as GCash has evolved from a mobile wallet into a broader financial platform offering payments, savings, credit, insurance, investments and other services.

Through its operating companies, G-Xchange Inc. and Fuse Financing Inc., Mynt has expanded beyond digital payments into a wider range of financial products.

The company’s growth reflects the increasing adoption of digital financial services in the Philippines, where consumers and businesses are shifting more transactions towards mobile platforms.

Testing investor appetite

The proposed IPO would also provide a closely watched test of investor appetite for large technology-driven companies in the Philippine capital market.

GCash’s familiarity among consumers could give the offering unusually high visibility among retail investors, potentially bringing more first-time investors into the IPO market.

But a widely used consumer platform does not in itself establish an investment case. Investors will need to assess Mynt’s valuation, financial performance, growth prospects and risks based on the company’s formal disclosures and IPO prospectus.

The SEC approval is a regulatory milestone and does not constitute a recommendation to invest in the offering, Mynt said.

The transaction also comes after changes to the SEC’s public-float rules. Under the updated framework, companies with exceptionally large market capitalization may qualify for a minimum initial public float of 12 percent.

That provision could allow large companies such as Mynt to access the public market while selling a relatively smaller proportion of their equity than would otherwise be required.

Listing targeted for October

Mynt is targeting an IPO offer period from October 6 to 12, 2026, followed by a listing on the Philippine Stock Exchange Main Board on October 20, under the ticker GCASH, according to the proposed timetable.

The schedule remains subject to the applicable regulatory and market requirements.

If the offering reaches its maximum size, Mynt expects it to set a new record for the largest IPO in Philippine history, adding a major technology-led company to the local equity market.

For Mynt, the flotation would mark the next stage in GCash’s transformation from a payments service into a diversified digital financial platform.

Meanwhile, for the Philippine capital market, the proposed deal could provide a significant test of investor demand for large technology businesses and potentially deepen retail participation in equities. — (FREEMAN)