Inside Mynt’s Record-Breaking Public Listing
The Philippine fintech could make the country’s biggest stock market debut, but about 80% of the firm’s offer will come from existing shareholders selling down.
GCash
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The much-anticipated public arrival of Mynt, the parent company of the Philippine digital payments giant GCash, has cleared its final regulatory hurdle. With approval from the Philippine Stock Exchange for an initial public offering worth up to P92.3 Bn ($1.47 Bn), the company is positioned to stage the largest equity market debut in the country’s history.
But for institutional asset managers evaluating the transaction ahead of its tentative October 20 IPO under the ticker GCASH, the headline figure tells only half the story. A clinical look at the listing’s underlying anatomy reveals that this record-breaking transaction is structured less as a capital raise for a growing enterprise and more as a massive liquidity event for its early corporate backers.
At an indicative price ceiling of P10 per share, the offer structure highlights a stark imbalance between operational funding and insider divestment. Around 80% of the firm offer consists of existing shares sold by current investors, allowing selling shareholders to pocket up to P64.22 Bn from the base offer, rising to P76.26 Bn if the 1.20 Bn share overallotment option is fully exercised.
On the other hand, only 1.61 Bn newly issued primary shares will be entering, yielding a modest P16.05 Bn in gross proceeds for Mynt’s corporate treasury.
The overwhelming majority of public capital entering the listing will completely bypass the company’s balance sheet, functioning primarily as an exit vehicle that rewards the patience of early backers while asking public markets to absorb a significant transfer of risk.
Mynt (GCash) IPO Offer Structure at P10 Maximum Price
| Share Component | Volume of Shares | Gross Offer Value at P10 | Allocation Share | Capital Destination |
| Primary Tranche (New Shares) | 1.61 Bn | P16.05 Bn (~$256 Mn) | 20.0% of firm offer | Proceeds to Mynt for digital financial services growth initiatives, product development and general corporate purposes |
| Secondary Tranche (Existing Shares) | 6.42 Bn | P64.22 Bn (~$1.02 Bn) | 80% of firm offer | Proceeds to selling shareholders |
| Firm Offer Subtotal | 8.03 Bn | P80.27 Bn (~$1.28 Bn) | 100% | Primary capital raise plus shareholder sell-down |
| Overallotment Option | 1.20 Bn | P12.04 Bn (~$192 Mn) | Optional | Additional secondary shares sold by existing shareholders |
| Maximum Potential Offering | 9.23 Bn | P92.32 Bn (~$1.47 Bn) | — | It would be the largest IPO in Philippine history if priced at P10; the firm offer alone would already exceed the current record. |
Note: Maximum share counts are 1,605,481,900 primary shares, 6,421,927,700 secondary shares and 1,204,111,400 overallotment shares. The 20%/80% split applies only to the 8.03 Bn-share firm offer. If the overallotment is fully exercised, secondary shares would account for about 82.6% of the maximum offering and primary shares about 17.4%. Dollar conversions are approximate and based on an exchange rate of about P62.72 per $1. The P92.32 Bn maximum assumes the P10 ceiling price and full exercise of the overallotment option. The current Philippine IPO record is Monde Nissin’s P55.89 Bn listing in 2021.
Source: Philippine Stock Exchange, Mynt IPO Preliminary Terms and Conditions, September 18, 2026
This concentration of secondary shares adds another dimension to a transaction that already asks public equity investors to underwrite a sharp valuation rise. A P10 offer price implies a post-listing market capitalisation of P668.96 Bn, or roughly $10.7 Bn. This target more than doubles the $5 Bn private market valuation in 2024, when local conglomerate Ayala and Japan’s Mitsubishi UFJ Financial Group injected fresh equity into the firm, a rise that tracks Mynt’s own revenue and profit growth over the same period.
The upcoming book-building window, which closes on October 1 ahead of the October 6–12 public offer, will test whether public asset managers will accept the valuation for a dominant, profitable market incumbent in an era of high global interest rates.
Unlike many of its cash-burning regional fintech peers across Southeast Asia, Mynt offers the market established scale and robust, compounding profitability. This structural cash generation gave the company the luxury of timing the market instead of listing prematurely out of operational necessity.
Operating the premier financial ecosystem in the Philippines, GCash logged 94 Mn registered users, including 40.4 Mn monthly active users, and processed an unprecedented P17 Tn in gross transaction value in 2025. The platform has successfully crossed the chasm from a simple peer-to-peer payments wallet into high-margin financial services, including digital lending, savings, investments and micro-insurance.
The upward trajectory continued in 2026, with Mynt’s revenue reaching P22.4 Bn in the second quarter. Essentially, its underlying earnings power has shifted from a future promise to a core engine for its corporate parents.
Globe Telecom’s share of Mynt’s net income reached P3.7 Bn in H1 2026, accounting for a 28% of the telecom giant’s pre-tax profit. This internal financial strength allowed management to wait for favourable conditions, formally filing for the listing only after Manila regulators amended requirements for mega-issuers.
The Securities and Exchange Commission also accelerated the move to the public market by allowing Mynt to launch with a minimum initial public float of 12%, safely below the standard 15% benchmark.
This regulatory relief minimises immediate equity dilution for core corporate stakeholders like Globe, Ayala and Ant Group, while clearing a smooth path for partial monetisation. At the same time, the offering will pioneer a highly decentralised retail distribution strategy by allowing individual retail investors to subscribe to the IPO directly through GStocks, the investment module embedded in the GCash application.
By turning its daily digital user base into a built-in underwriting syndicate, Mynt is attempting to engineer a resilient floor of retail demand to support its debut. The exchange’s green light resolves the long-running question of when GCash would finally reach the public market. Now, the upcoming book-building process will determine whether institutional asset managers match that retail enthusiasm at a $10.7 Bn valuation, or demand a discount for a company whose treasury receives only a fraction of the transaction’s proceeds.
The much-anticipated public arrival of Mynt, the parent company of the Philippine digital payments giant GCash, has cleared its final regulatory hurdle. With approval from the Philippine Stock Exchange for an initial public offering worth up to P92.3 Bn ($1.47 Bn), the company is positioned to stage the largest equity market debut in the country’s history.
But for institutional asset managers evaluating the transaction ahead of its tentative October 20 IPO under the ticker GCASH, the headline figure tells only half the story. A clinical look at the listing’s underlying anatomy reveals that this record-breaking transaction is structured less as a capital raise for a growing enterprise and more as a massive liquidity event for its early corporate backers.
At an indicative price ceiling of P10 per share, the offer structure highlights a stark imbalance between operational funding and insider divestment. Around 80% of the firm offer consists of existing shares sold by current investors, allowing selling shareholders to pocket up to P64.22 Bn from the base offer, rising to P76.26 Bn if the 1.20 Bn share overallotment option is fully exercised.
