GCash IPO green light seen as major boost for MSMEs
MANILA, Philippines — The Trade and Industry department said the initial public offering of GCash’s parent company, which has now been cleared by the Philippine Stock Exchange (PSE), could further help micro, small and medium enterprises (MSMEs) expand their market reach and advance their entrepreneurial journey.
The PSE on Friday, September 18, approved Mynt’s listing application, covering up to 8.03 billion primary and secondary common shares, with an overallotment option of up to 1.20 billion secondary common shares.
“Of course, companies like GCash and digital payments will really help MSMEs grow, as it will become easy for them to sell their products, especially on e-commerce platforms. Magiging madali na for them ang ma-access or ma-penetrate ang far-flung areas. If they use these digital payments, it’s easier for MSMEs to transact,” said Trade Secretary Cristina Roque.
“We are really pushing for people to do digital payments, especially with the DEFA (Digital Economy Framework Agreement),” she added.
The DEFA, set for signing at the 49th ASEAN Summit in November, will establish the world’s first region-wide digital trade agreement, streamlining cross-border payments, data flows, and intellectual property protection across all ASEAN Member States.
“And with DEFA, we provide a single, streamlined set of rules to access regional markets, secure digital payments, and protect intellectual property,” she said.
The scheduled offering has a maximum indicative price of P10 per share, with the IPO expected to involve up to P92.3 billion worth of shares, including primary shares issued by Mynt and secondary shares being sold by an existing shareholder.
The final IPO price, however, will be determined through the book-building process and may be lowered to P8.50 or P7.50 per share.
Under the PSE-approved terms, Mynt is set to offer up to 1.61 billion primary shares and 6.42 billion secondary shares, with the overallotment option covering up to 1.20 billion additional secondary shares. The shares will be listed on the PSE Main Board under the trading symbol GCASH.
The offer period is scheduled from October 6 to 12, with the final offer price to be determined on October 1 following the book-building exercise. The tentative listing date is October 20.
PSE President and Chief Executive Officer Ramon Monzon said the listing is poised to become the largest public offering in PSE history, adding that the Exchange hopes the landmark transaction will encourage more fintech and digital economy companies to raise capital through the equities market.
The PSE also expects the offering to draw new retail investors, particularly because IPO subscriptions will be made available through GStocks in the GCash app. Local Small Investors, meanwhile, may subscribe through the PSE EASy website or mobile application.
Proceeds from the sale of Mynt’s primary shares will be used for digital financial services growth initiatives, product development and general corporate purposes, according to the PSE.
For ordinary Filipinos, the attraction of the offering is not simply the prospect of owning a stock.
The same mobile wallet app which is already being used to send money, pay bills, buy goods, receive salaries, save, borrow and invest could also become a means to buy a share of GCash stocks.
For higher-income and experienced investors, meanwhile, the investment story goes beyond GCash’s massive user base.
Mynt reported P79.8 billion in revenue and P17.2 billion in profit in 2025. (Contributed story)
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