GCash Operator Mynt Debuts on Philippine Stock Exchange After Oversubscribed IPO

Mynt Inc., the operator of the GCash mobile wallet, will begin trading on the Philippine Stock Exchange on Tuesday, Oct. 20, after its initial public offering drew multiple times oversubscribed demand, according to philstar.com reports. The IPO is set to raise as much as P60.9 billion (about $1.04 billion), making it the largest ever in the Philippines. The final offer price was set at P6.60 per share, down from a maximum indicative price of P10 per share that was used as a starting point for bookbuilding.

The base offer comprised 1.61 billion primary shares and 6.42 billion secondary shares, worth about P53 billion at the final price, philstar.com reported. An overallotment option of up to 1.2 billion secondary shares could increase the total to 9.23 billion shares. About 2.41 billion shares — 30% of the base offer — were reserved for domestic trading participants and local small investors.

Mynt plans to allocate 60% of the primary proceeds to CreditTech, its lending monetization and wealth management services, 20% to product innovation, and 20% to general corporate functions, according to philstar.com.

The IPO gives ordinary Filipinos direct ownership in the country’s dominant digital financial services platform. GCash users could buy shares through the GCash app via GStocks PH, a stock trading service offered by AB Capital Securities, with a minimum order of 100 shares.

**Betting on the Philippines amid weak market**

The decision to list locally rather than abroad, where valuations would have been higher, underscores Ayala Corp.’s confidence in the Philippines, philstar.com reported. Ayala, the country’s oldest conglomerate, is Mynt’s parent company. “We are doing our part. We are betting big on the Philippines,” Ayala Corp. president and CEO Cezar Consing told The STAR, as reported by philstar.com.

The IPO is proceeding even as the Philippine stock market has faced sustained declines. Ayala’s own share price fell for four consecutive years from 2022 through 2025, dropping about 44% from end-2021 to end-2025, philstar.com reported. However, the stock has recovered after Mitsubishi Corp. invested P44.5 billion in Ayala at a premium of P650 per share. Philippine Stock Exchange data showed Ayala shares at P535 on Oct. 16, 2026, with a 52-week high of P600.

In a separate summary report, the Inquirer reported that Mynt decided to push through with the IPO despite weak market conditions, citing a comment that “Waiting for the perfect stock market could become a very long courtship.”

**Valuation and growth outlook**

Financial institutions see significant value in Mynt. Before the final price was announced, AB Capital Securities argued the fintech company deserved a premium valuation due to its structural growth, established profitability, and substantial room to monetize its 94 million registered users, 49 million of whom are daily active users, philstar.com reported. Morgan Stanley estimates Mynt could generate up to P21.2 billion in net income this year, according to the same report.

The IPO’s success comes amid broader efforts by Ayala to attract foreign investment. Over the last three years, the conglomerate has brought nearly P100 billion in foreign direct investments into the Philippines, including a P44.5 billion investment from Mitsubishi Corp. that raised its stake in Ayala to 15%, philstar.com reported.

Mynt’s listing is expected to boost retail participation in the Philippine stock market, where only 1% of investors with investments reported owning stocks, according to a 2021 Bangko Sentral ng Pilipinas survey cited by philstar.com. The lower share price of P6.60 made the offering more accessible to small investors.

The IPO will give the public direct ownership in the country’s dominant digital financial services platform, the reports noted, with the economy’s rapid digitalization and GCash’s established position strengthening prospects for continued growth.