GCash Parent Mynt’s Record IPO Draws Global Funds as Early Backers Sell Down

Mynt, the parent of Philippine finance app GCash, has secured more than 20 global and domestic cornerstone investors for an initial public offering that could raise P80.3 Bn, or about $1.3 Bn, and become the largest stock-market debut in the country’s history.

Funds managed by BlackRock and T. Rowe Price are among investors that have committed to the transaction, alongside Capital Research and Management, FIL Investment Management, HSBC Global Asset Management, Lazard Asset Management, Schroders, International Finance Corporation and Surveyor Capital, a Citadel company. Philippine institutions, including ATRAM Trust, BPI Asset Management and China Bank Capital, are also participating.

Mynt said the commitments would cover approximately the entire institutional tranche, subject to reallocation.

The cornerstone book totals P36.5 Bn and represents nearly 68.8% of the shares being offered before any overallotment, according to the preliminary prospectus cited by Reuters. That share is far higher than P36.5 Bn would buy at the P10 ceiling because the cornerstone shares have been priced at around P6.60 each, according to InsiderPH, while Bloomberg reported about P6.50.

That level of pre-commitment gives Mynt substantial institutional backing before the public offer opens, particularly in a Philippine market where companies have raised only $227.1 Mn through equity capital market transactions so far this year, according to LSEG data cited by Reuters.

Entrepreneur APAC had earlier examined the structure of Mynt’s planned listing, including the heavy secondary component, the potential P92.3 Bn overall offer and the valuation implied by the P10 price ceiling. The latest cornerstone commitments add a new dimension to that transaction, showing the extent of institutional demand ahead of final pricing and the public offer.

However, the IPO’s structure is as important as its size.

Most of the IPO is Existing Stock

Mynt plans to offer up to 8.03 Bn firm shares at a maximum price of P10 apiece. However, only about 1.61 Bn of those are newly issued shares. The remaining 6.42 Bn are secondary shares sold by existing shareholders, while an overallotment option of up to 1.20 Bn shares is also entirely secondary stock.

That means about 80% of the base offer represents existing shares changing hands, not new capital flowing into the company.

At the top of the price range, the primary component would raise up to P16.1 Bn for Mynt before offering expenses, while the secondary portion of the base offer would account for as much as P64.2 Bn. If the overallotment is exercised in full, the overall transaction could reach P92.3 Bn.

Mynt has said proceeds from the new shares will be used to expand digital financial services, develop products and support general corporate purposes. The much larger secondary component creates liquidity for shareholders that backed the company before its rapid valuation climb.

The selling shareholders listed in Mynt’s prospectus include Advanced New Technologies (Singapore) Holding, ASP Philippines, Lion Fintech Investments, Insight PHP Holdings and three LGVP vehicles, alongside individual shareholders.

ASP Philippines is associated with Bow Wave Capital, while Lion Fintech is owned by Warburg Pincus, Insight PHP Holdings is an Insight Partners vehicle and Ant Group backs Advanced New Technologies. Globe Capital Venture Holdings and Ant International Technologies (Singapore) Holding, Mynt’s two largest shareholders, are not selling, according to the revised prospectus.

The IPO, therefore, does not look like a wholesale departure by Mynt’s strategic shareholders. It is better understood as a partial monetisation by financial and other existing investors alongside a relatively smaller primary capital raise.

That distinction matters because Mynt’s valuation has already moved sharply.

Ayala paid about P22.9 Bn in 2024 to acquire an additional 8% stake, valuing Mynt at approximately P286.4 Bn, or about $5 Bn at the time. At the P10 IPO ceiling, Mynt would have a post-offer market capitalisation of up to P669 Bn.

It means in just over two years, the implied valuation would have more than doubled.

What Investors are Paying for

The case for that re-rating starts with the scale GCash has built in payments, but increasingly depends on how effectively Mynt can monetise users beyond money transfers and bill payments.

GCash had 39.1 Mn monthly active users in 2025 and processed P17 Tn in payment transaction value, while Mynt generated P79.8 Bn in revenue and P17.2 Bn in net income, according to figures released with its IPO filing.

Those figures make Mynt unusual among Southeast Asian technology companies approaching public markets. It is not asking investors to underwrite profitability that may arrive later. It is already generating substantial earnings.

The next question is where growth comes from.

Mynt operates through G-Xchange, which runs the GCash wallet, and Fuse, its lending business. Its activities now span payments, credit, savings, investments, insurance and other financial services, rather than relying solely on wallet transactions.

Globe, one of Mynt’s principal shareholders, identifies payments, digital financial services and value-added services as Mynt’s three main business segments.

Lending has become one of the clearest engines.

According to Ayala, loans disbursed through Mynt reached P362 Bn cumulatively by the end of 2025, up 65% from a year ago, while unique borrowers increased 35% to 10.5 Mn. Insurance policies sold life-to-date rose 198%.

Mynt has since continued to push deeper into consumer and small-business credit, while expanding business payments and cross-border services. Ayala’s 2026 priorities for the platform include using data and artificial intelligence to refine lending scores, scaling B2B payment products, expanding international operations and strengthening cross-border payment flows.

That transition is critical because payments built the user base, but lending and other financial products offer a potentially richer revenue pool per customer.

It also changes the risk profile.

Credit growth carries underwriting and funding risk that a pure payments business does not. Regulation can also quickly affect individual revenue streams. Globe said Mynt’s Q4 2025 earnings contribution was affected by a change in accounting treatment for loan-processing fees and by regulatory changes involving licensed online gaming, alongside seasonally higher expenditure.

Nevertheless, the company entered 2026 still growing. Mynt generated P20.9 Bn in revenue in the first quarter, up from P18.5 Bn a year earlier, while net income increased to P5.6 Bn from P5.1 Bn. Globe’s share of Mynt’s earnings reached P1.9 Bn, up 8%, and accounted for 30% of Globe’s pre-tax income during the quarter.

The pace is important. Revenue growth in the first quarter was considerably slower than the expansion Mynt recorded over the previous full year, while earnings growth was also more measured. Investors buying at a valuation of as much as P669 Bn are, therefore, paying not simply for GCash’s existing dominance, but for Mynt’s ability to deepen monetisation across lending, insurance, investments, merchants and businesses.

A Test for the Philippine Market

The IPO is also unusually important for the exchange on which it will trade.

Philippine companies have raised relatively little equity capital this year. So, a transaction of Mynt’s scale could change the market’s fundraising numbers almost on its own. If priced at P10, the P80.3 Bn base offer would exceed Monde Nissin’s P55.89 Bn IPO in 2021.

That explains why the cornerstone book matters beyond Mynt.

International asset managers committing ahead of the offer are evidence that a sufficiently large and profitable Philippine technology company can still draw global institutions into a market that has struggled to generate large listings. The participation of IFC, established global fund managers and major Philippine institutions also gives the offer a more diversified starting shareholder base.

But cornerstone demand does not remove the valuation question.

At the top end, investors would value Mynt at more than twice the level set by the 2024 Ayala transaction. At the same time, existing shareholders would be selling about four times as much stock in the base offer as Mynt itself is issuing.

That does not, by itself, indicate weak confidence. Private investors routinely use IPOs to realise part of their holdings after years of funding growth. In Mynt’s case, the more telling signal will be which strategic shareholders remain heavily invested after the offer and whether institutional demand holds once price discovery moves beyond the cornerstone book.

The final offer price could be determined on October 1 following bookbuilding. The public offer is scheduled for October 6-12, with trading targeted to begin on October 20 under the ticker GCASH.

Mynt is, therefore, bringing two propositions to market at once.

For existing investors, the IPO provides a route to monetise part of a fintech whose private valuation has multiplied. For new shareholders, it is a bet that GCash can turn one of Southeast Asia’s largest digital payment user bases into an increasingly broad and profitable financial services franchise.

The P36.5 Bn cornerstone book suggests global institutions are prepared to make that bet. The harder test, after listing, is whether Mynt can grow quickly enough beyond payments to justify a valuation that, at the P10 ceiling, would be more than double its 2024 level.