GCash parent makes historic market debut

Biggest IPO at Philippine Stock Exchange

MANILA, Philippines — Mynt Inc., the parent company of e-wallet giant GCash, marked a successful market debut yesterday following a historic initial public offering (IPO) wherein it raised P60.9 billion, the biggest in the country’s history.

Mynt shares, which started trading on the main board of the Philippine Stock Exchange (PSE) under the ticker symbol GCASH, opened at its IPO price of P6.60 per share.

Its stocks reached as high as P6.76 during the session, then closed flat at P6.60.

Mynt president and CEO Martha Sazon said the listing marks a defining milestone for the company and the beginning of its next chapter as a publicly listed firm.

“Becoming a public company is not the finish line. The opportunity ahead is about how much more we can make possible for every Filipino,” Sazon said.

“It opens up more ways for us to reach those who are still unbanked and underserved, bring world-class experiences to our country and create more meaningful impact. And with this comes a greater responsibility to deliver on the trust placed in us,” she said.

“This is the largest initial public offering in the history of the Philippine Stock Exchange. It is a record. More importantly, it is a statement of confidence in Mynt, in the Philippine economy and in the strength of our capital market,” PSE president and CEO Ramon Monzon said.

He said the confidence was clear from the investors who came forward, with 19 foreign and six domestic cornerstone investors subscribing to 59.8 percent of the offered shares and the non-cornerstone institutional investors taking up another 21.9 percent.

“This shows that international investors remain interested in the Philippines and continue to see the long-term value of our market,” he said.

Monzon said Mynt debuted with a market capitalization of P441.5 billion, or about $7 billion, becoming the seventh-largest domestic company on the PSE, cementing its position as a fintech powerhouse.

He said the offering is viewed by the PSE as a significant catalyst for the Philippine equities market.

“By renewing the confidence of domestic and international investors, it demonstrates the value that a listing on the exchange offers to companies of every size – from emerging SMEs to established conglomerates: access to long-term capital, deeper market liquidity and the institutional discipline that sustains growth,” Monzon said.

President Marcos led the bell ringing ceremony yesterday at the PSE Tower in Taguig to mark Mynt’s listing.

“I hope this milestone will mark the beginning for greater opportunities for Filipino enterprises, renewed confidence in our capital markets, and broader participation in our country’s economic growth,” Marcos said in his speech.

He said the Mynt IPO provides another avenue by which Filipinos can become more involved and be part of financial markets and create more capital, which will lead to more investments.

Marcos said the timing of Mynt’s listing was especially meaningful as the country’s stock market needs renewed investor interest and broader participation.

“We recognize that investors have become more cautious and that attracting fresh capital remains a challenge. But Mynt’s initial public offering gives us reason for optimism,” he said.

Mynt said the IPO attracted strong participation from leading global and domestic institutional investors, with the institutional tranche of the offer multiple times oversubscribed during bookbuilding.

Similarly, it said the Philippine trading participant tranche was also oversubscribed and recorded the highest take-up in terms of peso value.

More than 140,000 users participated via GStocks PH, generating nearly P1.1 billion in order value and representing one of the largest retail investor mobilizations in Philippine capital market history through a single digital platform.

Carlos Ma. Mendoza, senior country officer at J.P. Morgan Philippines, said the landmark IPO demonstrates that a high-quality Philippine digital business could attract strong global and domestic investor support, while expanding investment opportunities in the country.

“As the largest IPO in Philippine history, this deal also marks an important step in the continued development of Philippine capital markets. We are proud to have led this landmark IPO and to continue supporting Mynt Inc. across our banking franchise,” Mendoza said.

He said the deal was successfully executed despite challenging market conditions and subdued market liquidity.

The transaction secured 20 cornerstone investors, the largest number for a Philippine IPO, including four first-time cornerstone investors in the market. — Helen Flores