GCash ready for record IPO

Long wait over

MANILA, Philippines —  E-wallet giant GCash is bringing the potentially largest listing at the Philippine Stock Exchange (PSE), announcing that it is now ready to offer shares to the public.

GCash parent Mynt Inc. yesterday moved to become a publicly listed company after receiving approval from its board of directors to start arranging its initial public offering (IPO).

In particular, Mynt received board endorsement to file a registration statement with the Securities and Exchange Commission and prepare a listing application with the PSE.

The IPO will amount to 12 percent of Mynt’s capital stock. Mynt is aiming for the lowest tier in public float of 12 percent, which is limited to issuers with a market capitalization of at least P200 billion as identified by the PSE.

Further, Mynt said the shares to be issued in the IPO would be valued at P0.03 each. The offering will consist of both primary and secondary stocks.

Mynt president and CEO Martha Sazon said now is the time to mount the IPO, as GCash has put up one of the country’s widest customer bases through its financial services.

“Over the past decade, Mynt has evolved from an e-wallet operator into the Philippines’ number one finance superapp and largest cashless ecosystem,” Sazon said.

Based on a report from the Wall Street Journal, Mynt is expected to raise as much as $1 billion in its IPO, which, if achieved, would smash PSE’s record books.

Sazon said Mynt has developed a respectable portfolio for GCash to sustain its dominance as the country’s biggest e-wallet. GCash commands a customer base of around 94 million, and it is also used as a transaction platform by more than six million merchants.

On top of this, GCash is becoming a preferred lender by millions of Filipinos. As of 2025, it has issued about P362 billion in loans to roughly 10.5 million borrowers, most of whom lack access to formal lending.

In realizing the IPO dreams, Sazon said Mynt wants to further expand its role in local finance, as GCash hopes to maximize its reach to push for a digital-first economy.

Globe Telecom Inc., the largest shareholder in Mynt at 35 percent, saw its shares pick up by 5.05 percent to P1,809 a piece yesterday.