GCash parent files record P92.3 billion IPO

MANILA, Philippines — The parent firm of e-wallet giant GCash has filed for a P92.3-billion initial public offering (IPO) at the Philippine Stock Exchange (PSE), an offer set to become the largest in history.

Mynt Inc. yesterday said it has submitted the registration papers to the Securities and Exchange Commission (SEC) and the application for listing on the main board of the PSE for its IPO.

Mynt, a fintech joint venture among Globe Telecom, Ayala Corp. and Alipay’s Ant Group, plans to undertake the IPO by the fourth quarter, targeting to raise as much as P92.3 billion from the offer.

The IPO will consist of 8.03 billion common shares, divided into 6.42 billion issued shares to be sold by way of a secondary offer and 1.61 billion unissued shares. It will also come with an overallotment option of 1.2 billion secondary common shares.

Upon completion of the offer, Mynt will be composed of up to 66.9 billion common shares. The public is expected to own 12 percent of its capital stock, which can increase to 13.8 percent if the overallotment option is fully exercised.

The final offer price will be determined through a bookbuilding process at a later period, but for the purposes of the registration statement submitted to the SEC, Mynt has set it at P10 per share.

Morgan Stanley & Co. International, J.P. Morgan Securities and UBS AG Singapore Branch will serve as the joint global coordinators for the offer.

Jefferies Singapore Ltd. is the international joint bookrunner, while BPI Capital Corp. and BDO Capital and Investment Corp. will underwrite domestically.

For Mynt, the IPO offers investors the opportunity to own a share in the country’s largest finance app. Mynt president and CEO Martha Sazon said GCash, to date, is used by more than 90 million Filipinos for their daily transactions.

In 2025, GCash catered to 39.1 million users monthly, processing P17 trillion in gross transaction value for a daily average of 56.7 million activities. Mynt booked P79.8 billion in revenue and a profit of P17.2 billion, reflecting the e-wallet’s financial viability.

On top of this, GCash bridges the financial gap in marginalized communities, as over 78 percent of its users live outside Metro Manila and at least 92 percent come from low-income families.

“GCash has become an indispensable part of everyday life for millions of Filipinos,” Sazon said.