Mynt Inc., the operator of the GCash mobile wallet, has launched its initial public offering on the Philippine Stock Exchange. The company aims to raise up to PHP 92.3 billion, which is approximately $1.5 billion. This figure would mark the largest public offering in the history of the Philippines, surpassing the previous record set by Monde Nissin in 2021.
The offering includes up to 8.03 billion shares priced at a maximum of PHP 10 each, with an additional 1.2 billion-share overallotment option. The subscription period is scheduled from October 6 to October 12, with the official listing under the ticker GCASH expected on October 20. The company's valuation is projected to reach up to PHP 669 billion, or roughly $11 billion.
Institutional interest is significant, with over 20 cornerstone investors, including BlackRock and T. Rowe Price, committing to PHP 36.5 billion in shares. This accounts for nearly 68.8% of the base offering. The majority of the IPO consists of secondary shares from existing shareholders, such as Ant Group, while 30% of the proceeds will be allocated to Mynt for product development and lending.
GCash currently reports approximately 90 million registered users, with 39 to 40 million active monthly. In 2025, the platform recorded PHP 17 trillion in annual gross transaction value and PHP 79.8 billion in revenue. The company was established in 2015 as a joint venture between Globe Telecom, Ayala Corp., and Ant Group.
