GCash Operator Mynt Lists in Record-Setting Philippine IPO, Betting on Local Market

MANILA (The Wiregazette) — Mynt Inc., the parent company of digital payments giant GCash, is set to begin trading on the Philippine Stock Exchange on Tuesday, Oct. 20, in what brokers and media reports are calling the largest initial public offering in Philippine history.

The IPO raised up to P60.9 billion, with the base offer of 8.03 billion shares priced at P6.60 each, according to reports from Philstar and the Inquirer. The offer was multiple times oversubscribed, several brokers said. An overallotment option of up to 1.2 billion secondary shares could bring the total to 9.23 billion shares if fully exercised.

The base offer comprised 1.61 billion primary shares and 6.42 billion secondary shares, worth about P53 billion at the final price. 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.

Originally, the indicative price was set at a maximum of P10 per share before the bookbuilding process reduced it to P6.60. According to Philstar, the P10 figure was only a starting point to test investor demand and did not represent a devaluation.

The listing gives the public direct ownership in the Philippines’ dominant digital financial services platform. GCash users could buy shares through the GCash app via GStocks PH, a service offered by AB Capital Securities, with a minimum order of 100 shares.

**Why list locally**

The decision to list in Manila rather than overseas marks a shift in sentiment. The Inquirer reported that Mynt had considered waiting for a more favorable stock market environment but decided to push ahead anyway. Philstar’s opinion column noted that some shareholders had initially wanted to list abroad where valuations would be higher.

“We are doing our part. We are betting big on the Philippines,” Ayala Corp. president and CEO Cezar Consing told Philstar. Ayala is a major shareholder in Mynt.

Consing’s comments came as Ayala, the country’s oldest conglomerate, revealed it had brought nearly P100 billion in foreign direct investments into the Philippines over the past three years. The largest infusion came from Japan’s Mitsubishi Corp., which raised its stake in Ayala to 15% from 4.7% through an additional investment of P44.5 billion.

Philstar reported that Mitsubishi UFJ Financial Group and MUFG Bank invested P22.4 billion in Mynt in 2024 as part of a strategy to back digital financial services in Asia. Ayala also sold its 50% stake in AC Ventures Holding Corp. to Mitsubishi for P19 billion in the same year; that entity held approximately a 13% stake in Mynt.

From 2024 to 2026, Ayala Group secured additional strategic investments worth P10.6 billion from international companies including Denmark’s A.P. Moller Capital, Singapore’s ABC Impact, Thailand’s CP AXTRA, the UAE’s Al Seer Group, and Australia’s Wesfarmers, according to Philstar.

**Market backdrop**

The IPO arrives as Ayala Corp.’s own share price has recovered from a prolonged slump. According to Philstar, the stock fell 44% from end-2021 to end-2025, but rebounded after Mitsubishi’s investment at a premium of P650 per share. On Oct. 16, Ayala shares traded at P535 on the PSE, with a 52-week high of P600 and a low of P373.

Consing acknowledged the pressure to deliver returns. “We better grow value. They are investing at P650 when the share price is hovering around P500. And they’re not doing this to get their money back at P650. They’re doing this because they think the upside is much, much higher than P650. So we better succeed,” he told Philstar.

**Fintech fundamentals**

GCash boasts 94 million registered users and 49 million daily active users, according to Philstar. Before the final offer price, AB Capital Securities argued the fintech company deserved a premium valuation due to its structural growth, established profitability, and room to monetize its user base. Morgan Stanley estimates Mynt could generate up to P21.2 billion in net income this year, Philstar reported.

The company’s rapid digitalization, combined with its entrenched position in the Philippines’ digital financial ecosystem, strengthens its growth prospects, the report added.

The listing is seen as a milestone for Philippine capital markets. The Inquirer noted that Mynt decided it “is ready to commit” to a listing despite imperfect market conditions, signaling confidence in the country’s long-term potential.