GCash parent Mynt raises P60.9 billion in record Philippine IPO and lists on PSE

On October 20, 2026, Mynt, Inc., the parent of Philippine mobile wallet GCash, listed on the Philippine Stock Exchange under ticker GCASH after raising P60.9 billion (about US$965.9 million). The PSE said on October 20, 2026 that the deal was the largest maiden offering in local equities history. President Ferdinand R. Marcos Jr. spearheaded the bell ringing ceremony. Mynt ended the day with a P441.51 billion market capitalization, the seventh largest domestic company on the PSE.

The offer sold 8,027,409,600 common shares at P6.60 apiece, BusinessWorld reported on October 20, 2026. That included 1.61 billion newly issued shares and 6.42 billion existing shares sold by current shareholders. The base offering was valued at about P53 billion, and an overallotment option of about 1.20 billion additional secondary shares lifted the total to P60.9 billion. GMA News Online reported on October 20, 2026 that the stock closed at P6.60 after touching P6.76 intraday.

Mynt is the financial technology company behind GCash, the e-wallet platform used by Philippine consumers. The PSE said proceeds from the primary share sale will fund GCash's digital financial services growth initiatives, product development, and general corporate purposes. The final prospectus allocates 60 percent of net primary proceeds to the expansion of Mynt's credit technology business, with the remainder for product development and general corporate purposes. Secondary proceeds go to selling shareholders.

The deal drew domestic and international cornerstone investors. Domestic investors include ATRAM Trust Corp., BPI Asset Management and Trust Corp., China Bank Capital Corp., Metropolitan Bank & Trust Co.'s Trust Banking Group, and RCBC Capital Corp. International investors include International Finance Corp., HSBC Global Asset Management (UK) Ltd., and funds managed by investment management subsidiaries of BlackRock, Inc. BusinessWorld reported on October 20, 2026 that cornerstone investors had committed P36.5 billion worth of shares, citing an earlier Reuters report. The PSE said 140,725 GCash subscribers invested about P1.1 billion through the app.

Key Facts

The PSE confirmed on October 20, 2026 that Mynt's GCASH listing was the largest maiden offering in Philippine equities history. It surpassed Monde Nissin Corp.'s P55.89 billion IPO in 2021, the previous record. Mynt listed with a P441.51 billion market capitalization, making it the seventh largest domestic company on the exchange. The company raised P60.9 billion from primary and secondary share sales.

BusinessWorld reported on October 20, 2026 that Mynt listed on the PSE Main Board under ticker GCASH and opened at P6.63, up 0.5 percent from the P6.60 IPO price. GMA News Online reported on October 20, 2026 that the stock reached a P6.76 high and closed at P6.60. The Business Times reported on October 20, 2026 that 650.3 million shares worth over P4.3 billion changed hands.

The offer comprised 8,027,409,600 common shares at P6.60 each, with an overallotment option of up to 1,204,111,400 secondary common shares, GMA News Online reported on October 20, 2026. BusinessWorld reported on October 20, 2026 that the sale included 1.61 billion newly issued shares and 6.42 billion existing shares. The base offering was valued at approximately P53 billion, while the overallotment lifted the total to P60.9 billion.

The Business Times reported on October 20, 2026 that secondary share sales accounted for P50.3 billion of gross offer proceeds, while Mynt receives P10.6 billion in fresh primary capital. Mynt plans to allocate 60 percent of net primary proceeds to credit technology, with the rest for product development and general corporate purposes. Proceeds from the secondary offering go to selling shareholders.

Analysis

The first session was steady rather than spectacular. Mynt opened slightly above its offer price and closed exactly at P6.60, even after touching P6.76. The Business Times reported on October 20, 2026 that at P6.60, Mynt was valued at roughly 25 to 26 times its 2025 earnings, compared with about 10 times for the broader Philippine market, according to Michael Ricafort, chief economist at Rizal Commercial Banking Corp. Ricafort said the premium leaves Mynt needing to justify its valuation through continued earnings growth.

What this really means is that the record size of the IPO should not be confused with a low-risk valuation. The deal raised P60.9 billion, but only P10.6 billion was fresh primary capital for Mynt, while P50.3 billion went to selling shareholders, according to The Business Times. The headline number is therefore as much a liquidity event for early stakeholders as it is a growth capital raise. Mynt's ability to expand credit technology and produce earnings growth will determine whether the premium holds.

The market backdrop was mixed. The Business Times reported on October 20, 2026 that the benchmark PSE index closed 8.27 points, or 0.14 percent, higher at 5,806.17, with P8.51 billion in total value traded. Optimism over Mynt's debut helped offset concerns over the peso's slide to a record low of 63.09 against the US dollar. Ricafort said the listing could revive interest from local and foreign investors in a fintech platform widely used by the mass market.

The inclusion angle is real but should be kept in proportion. The PSE said 140,725 GCash subscribers invested about P1.1 billion through the app. That is a meaningful number of first-time shareholders and a strong retail distribution story for the exchange, but it is a small slice of the P60.9 billion total. The bigger picture here is that Mynt's IPO tests whether Philippine retail investors will support large technology listings at premium valuations, not just whether institutions will anchor the deal.

Why It Matters

The listing is a milestone for the Philippine capital market. It is the largest IPO in Philippine history and the largest in South-east Asia for 2026, according to The Business Times. It surpassed Monde Nissin Corp.'s P55.89 billion IPO in 2021. For the PSE, the deal shows that the exchange can host a technology company of Mynt's scale and attract both domestic and international cornerstone investors.

For Mynt and GCash, the primary proceeds give the company capital to expand credit technology and product development. The final prospectus allocates 60 percent of net primary proceeds to CreditTech. That focus matters because credit services can deepen the relationship between GCash and its users beyond payments. The PSE quoted Monzon as saying the offering shows the value of a listing for companies of every size, from emerging SMEs to established conglomerates, through access to long-term capital, deeper market liquidity, and institutional discipline.

For investors, the IPO creates a listed benchmark for Philippine fintech, and it sets a high bar. At P6.60, the stock carries a premium to the broader market, and the company must deliver earnings growth to justify it. The steady first-day close at the offer price suggests the market is waiting for evidence rather than paying up immediately. The record size and broad retail participation give the deal symbolic importance beyond Mynt itself.

Next Up

The next test is aftermarket performance. Investors will watch whether GCASH holds above its P6.60 offer price and whether it can revisit the P6.76 intraday high. They will also watch trading volume and the PSE index, which closed at 5,806.17 on October 20, 2026. The peso's move to 63.09 against the US dollar remains a background risk for foreign investors.

On the corporate side, the focus will be Mynt's use of the P10.6 billion in fresh primary capital. The company has said it will allocate 60 percent of net primary proceeds to credit technology, with the rest for product development and general corporate purposes. The market will also look for signs that the record IPO revives interest in new listings on the PSE. Monzon's comments position the deal as a catalyst, but follow-through will depend on earnings and on whether other companies test the market.