The Philippine Stock Exchange has approved the initial public offering of Mynt Inc., the company behind the GCash e-wallet, in a transaction set to become the largest ever on the local bourse. The share sale carries a maximum price of P10 per share and a base size of about P80.27 billion. With an overallotment option fully exercised, total proceeds could reach roughly P92.3 billion. The stock will trade under the ticker symbol GCASH on the exchange’s main board.
The offering covers up to 8.03 billion shares, made up of 1.61 billion primary shares and 6.42 billion secondary shares, with an additional overallotment of as many as 1.20 billion secondary shares. Bankers set an indicative price range of P7.50 to P8.50 per share, with final pricing due on October 1 after a book-building process. The public offer period runs from October 6 to October 12, and trading is scheduled to begin on October 20.
The transaction surpasses the P55.89 billion IPO of food manufacturer Monde Nissin in 2021, which had held the record for the biggest offering in the country. PSE President Ramon Monzon welcomed the listing, saying the exchange was pleased to host an offering poised to set a new record for the market. BPI Capital and BDO Capital are serving as domestic lead underwriters, while Jefferies, CLSA and Morgan Stanley are among the international coordinators on the deal.
Mynt operates GCash, a mobile wallet and payments platform that has grown into one of the most widely used financial applications in the Philippines, along with Fuse Lending, a technology-driven credit unit. The company was valued at about $5 billion following investments in 2024 by Ayala Corp. and Japan’s Mitsubishi UFJ Financial Group. Its existing shareholders include Ayala, Globe Telecom and China’s Ant Group, the affiliate of Alibaba that helped build the GCash platform.
At the maximum price, the listing implies an initial market capitalization of around P668.96 billion. The debut is being watched as a test of investor appetite for large technology and financial listings in the Philippines, where few sizeable offerings have come to market in recent years. Company backers and exchange officials have framed the sale as a potential signal to other digital economy firms weighing public listings on the domestic bourse.
