Mynt IPO draws global institutional commitments, signaling confidence in Philippine fintech growth

MANILA — Mynt Inc., the parent company of e-wallet giant GCash, has secured commitments from more than 20 local and foreign cornerstone investors for its initial public offering, a vote of confidence in both the company’s growth prospects and the broader Philippine digital-finance story.

The IPO’s institutional backing includes some of the world’s largest asset managers, with BlackRock, Capital Group, Fidelity, HSBC Global Asset Management, Lazard, Ninety One, Schroders, T. Rowe Price and the International Finance Corp. among those reported. Albizia Capital, Amundsen Investment Management and HSBC GAM are making their first cornerstone investment commitment in the Philippines, while Ninety One North America and Ninety One UK are participating as cornerstone investors in Southeast Asia for the first time, according to fund manager Eric Jurado.

“These investments are not guarantees of success. But they do indicate that global institutions see sufficient long-term potential in GCash to commit their investors’ capital,” Jurado, who manages the Southeast Asia Focus Portfolio, said in a commentary. He described the interest as “a powerful early indication that some of the world’s most sophisticated investors see GCash not merely as the Philippines’ largest finance super app, but as a potential long-term Philippine growth and compounding story.”

The IPO arrives as the Philippine stock market has struggled for momentum. Mynt’s listing could inject fresh capital and investor attention into the equities market.

Financial scale and market dominance

GCash reported 94 million registered accounts and logged over 40.4 million monthly active users by early 2026, making it the dominant e-wallet in the country. It has built a merchant base of six million accounts, the highest among rival e-wallets, and is deeply integrated across retail, utility payments and micro-entrepreneurs.

Mynt was awarded double-unicorn status, exceeding a $2 billion valuation. Its audited figures for 2025 showed annual revenue of 79.7 billion pesos ($1.4 billion). Morgan Stanley estimates Mynt will generate 21.2 billion pesos in net income for 2026, maintaining a net margin of 22.6% and a return on equity of roughly 28%.

Retail and OFW interest expands

Beyond institutional investors, the IPO is drawing attention from overseas Filipino workers (OFWs). Discussions in overseas Filipino investment communities and guidance published by Gulf News, which serves a substantial Filipino readership in the Middle East, reflect growing interest among Filipinos abroad in participating, according to reports. No data yet exists on actual OFW subscription volumes, but the development is notable because GCash already has an established relationship with Filipinos through its GCash Overseas service, which allows users to register with international mobile numbers.

The Philippine Stock Exchange has approved the listing of up to 8.03 billion common shares, with an overallotment option of up to 1.20 billion additional secondary shares. The offer period is scheduled for October 6 to 12. The final offer price is to be determined on October 1, with tentative listing set for October 20.

Retail investors can subscribe through GStocks within the GCash app or via the PSE EASy platform, a move analysts say could lower barriers for first-time equity investors. Lito Villanueva, RCBC’s chief innovation and inclusion officer, said focusing on the price misses the broader impact. “This was never really about price. It’s about who gets to own a piece of what tens of millions of Filipinos already use every day,” he said.

Market outlook

The IPO’s combination of deep institutional support, a dominant user base and accessible retail channels positions Mynt as a potential catalyst for renewed investor confidence in the Philippine equities market. As Jurado put it, the institutional commitments “reflect a belief that the company can continue to grow, that digital financial services in the Philippines have significant room to expand and that the resulting growth can ultimately translate into meaningful returns for shareholders.”

The offer price is expected at 6.60 pesos per share or below, according to market analysts.