Full Breakdown
Mynt’s Record IPO Puts GCash on the Philippine Stock-Exchange Map
By Drooid · · How we work
Record-Breaking IPO Launch (Oct 20)
On Oct 20 Mynt Inc., the parent of GCash, debuted on the Philippine Stock Exchange after raising PHP60.9 billion (?US$966 million), the largest IPO in Philippine history. The company sold 8.03 billion shares at PHP6.60 each. Shares opened slightly above the offer price (PHP6.63-PHP6.64) and closed between PHP6.71 and PHP6.74, a rise of 1.7 %–2.1 % on the first day, valuing Mynt at roughly PHP441-PHP449 billion.
Background and Market Context
GCash, originally an SMS-based money-transfer service, now serves 41.5 million monthly active users (June 30), about 56 % of the adult population. Nearly 90 % of its customers belong to low- to middle-income households that have historically been excluded from formal banking. Mynt is a joint venture of Globe Telecom, Ayala Corp., and Alibaba’s Ant Group, offering payments, transfers, savings, loans, insurance and investment products.
Key Figures and Financial Data
| Metric | Figure |
|---|---|
| IPO proceeds (gross) | PHP60.9 billion (US$965-966 million) |
| Primary (fresh) capital | PHP10.6 billion |
| Secondary share sales | PHP50.3 billion |
| Retail participation | 140,725 GCash users invested ?PHP1.1 billion |
| Cornerstone investors | >20 institutions covering ~60 % of the base deal |
| Net income (H1 2026) | PHP10.82 billion (?7.3 % YoY) |
| Revenue (H1 2026) | PHP43.27 billion (?10.4 %) |
| NPL ratio (June 2026) | 4.9 % (peak 9.2 % in 2023) |
The prospectus earmarks 60 % of net primary proceeds for expanding Mynt’s CreditTech (lending) business, with the remainder for product development and general corporate purposes.
Official Statements & Responses
Mynt’s CEO Martha Sazon described the IPO as a new stage in widening financial-service access for Filipinos outside the formal banking system.
Why It Matters
Analysts view the IPO as evidence that the Philippine fintech sector can attract sizable global capital despite a broader sell-off in AI-linked listings. The retail-focused subscription mechanism—via the GCash-integrated GStocks PH platform—offers ordinary Filipinos a direct stake in a major digital-finance firm and provides fresh capital for Mynt’s lending portfolio, a key growth area.
Conflicting Reports & Gaps
First-day price appreciation is reported as 1.7 % (Channel NewsAsia, Manila Star) and 2.1 %. The discrepancy reflects rounding differences in the closing price (PHP6.71 vs. PHP6.74). No other substantive contradictions appear in the source set.
What’s Next
Market participants will watch the Bangko Sentral ng Pilipinas (BSP) policy meeting on Oct 22, where a 25-basis-point rate hike is widely expected. The outcome could influence equity sentiment and borrowing costs for Mynt’s expanding credit business.
Verbatim Quotes
- “This is a big IPO. In terms of our position in ASEAN or in the whole of (the) Asia fintech landscape, we are now going to be on the map,” — Cristina Ulang, head of research at First Metro Investment Corporation (FMIC)
- “The timing of this listing is especially meaningful, as our stock market needs renewed investor interest and broader participation,” — Ferdinand Marcos, Philippine president
- “This is the largest initial public offering in the history of the Philippine Stock Exchange,” — Ramon Monzon, stock exchange president
- “Our focus now is on deepening engagement in the GCash ecosystem, investing in technology-enabled growth, and translating our scale into sustainable value creation.” — Martha Sazon, president and CEO