GCash parent Mynt locks in over 20 cornerstone investors for landmark IPO

MANILA — Mynt Inc., the parent of e-wallet giant GCash, said Thursday it has secured commitments from more than 20 global and domestic cornerstone investors for its initial public offering, enough to cover nearly all shares allocated to institutional investors.

The commitments remain subject to reallocation between tranches, final pricing, and customary closing conditions, Mynt said in a statement. The cornerstone investors will purchase up to 59.8 percent of shares on offer, assuming the overallotment option is exercised, and will inject about P36.5 billion ($581.3 million) into the company — equivalent to 40 percent of Mynt’s P92.3-billion target proceeds, according to the company’s preliminary red herring prospectus as reported by The Philippine Star.

The IPO is set to be the largest listing in Philippine history.

**Cornerstone lineup**

According to BusinessWorld, domestic cornerstone investors include ATRAM Trust Corp., BPI Asset Management and Trust Corp., China Bank Capital Corp., Metrobank Bank & Trust Company-Trust Banking Group, Philequity Management, Inc., and RCBC Capital Corp.

Global cornerstone investors include International Finance Corp. (IFC), HSBC Global Asset Management (UK) Ltd., Amundsen Investment Management, FIL Investment Management (Hong Kong) Ltd., and funds and separately managed accounts handled by investment management subsidiaries of BlackRock, Inc., BusinessWorld reported.

BusinessWorld also noted that Albizia Capital Pte. Ltd., Amundsen Investment Management, and HSBC Global Asset Management are making their first cornerstone investment commitments in the Philippines, while Ninety One North America, Inc. and Ninety One UK Ltd. are participating as cornerstone investors in Southeast Asia for the first time.

IFC, the private-sector arm of the World Bank Group, disclosed a planned P4.4-billion investment ($70 million) in Mynt’s IPO as a cornerstone investor, according to BusinessWorld. The investment, under the code name “Project Hiraya,” is pending approval.

The Philippine Star reported that Los Angeles-based Capital Research and Management Co. is also buying into Mynt. The Star also listed local bank investment units among the cornerstone investors.

**Pricing and timeline**

The cornerstone investors have agreed to participate at a price of no more than P6.60 per share, lower than the indicative range of P7 to P10, according to The Philippine Star.

Mynt plans to offer up to 1.61 billion primary shares and 6.42 billion secondary shares, with an overallotment option of up to 1.20 billion secondary shares, BusinessWorld reported.

The final offer price is expected to be set on Oct. 1, The Philippine Star said. The IPO will run from Oct. 6 to 12, with listing on the Philippine Stock Exchange’s main board scheduled for Oct. 20.

Mynt president and CEO Martha Sazon said the commitments from large-scale investors reflect confidence in GCash’s position. “We believe this reflects confidence in our position as the nation’s number one finance superapp, our track record of profitable growth and a significant market opportunity that lies ahead of us,” Sazon said, as quoted by The Philippine Star.

**Analysts: Interest specific to Mynt, not broad market trend**

Analysts cited by BusinessWorld cautioned that the strong cornerstone demand should not yet be interpreted as a broader return of foreign capital to Philippine equities.

DragonFi Securities Equity Research Analyst Jarrod Leighton M. Tin said GCash offers international investors exposure to the Philippine digital finance market through a company with a large domestic user base. “GCash offers what few local names can: massive scale, a dominant market position, and direct exposure to the digitalization of a young, mobile-first population that is still underserved by traditional banks,” Tin said.

But Tin added the interest appeared specific to Mynt. “For foreign flows into the PSE to pick up more broadly, we would likely need to see stronger macro and earnings catalysts. Until then, GCash stands out as a unique story, not a turning point for the market,” he said.

Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce said the participation of global institutions shows that Philippine fintech companies can attract international capital, but called it too early to characterize the IPO as evidence of a wider return. “For now, I would characterize GCash as a significant positive test case for foreign appetite rather than evidence that foreign investors have broadly returned to the Philippine market,” Arce said.

Reyes Tacandong & Co. Senior Adviser Jonathan L. Ravelas said the offering comes as the Philippine capital market faces low trading activity and a limited pipeline of new listings. Pricing remains an important consideration, he said, but added: “A successful GCash listing could serve as a catalyst to revive investor interest, improve market liquidity, and encourage other high-growth companies to tap the equity market.”

**Ayala CEO dismisses ‘exit IPO’ concerns**

Ayala Corp. president and CEO Cezar Consing dismissed concerns that the GCash IPO is more of a liquidation, according to a separate report by The Philippine Star.

“I don’t think it’s a concern. I think they’re wrong,” Consing said in an interview with ANC. “The fact is people knew that there would be sellers in this IPO. There are private equity firms. There are shareholders that have been in Mynt from the very early days. They want liquidity. They want to sell.”

The Star reported that selling shareholders listed in Mynt’s preliminary prospectus include Advanced New Technologies (Singapore) Holding Pte. Ltd., ASP Philippines LP, Lion Fintech Investments Pte. Ltd., Insight PHP Holdings Ltd., LGVP, LP, LGVP GCA LLC and LGVP IVY (Investments) LLC, as well as individual shareholders including Martha Sazon and other executives.

“What we have is potentially a very exciting story. Now, there might be some people that, you know, might be some naysayers, but that doesn’t take away what is overall an amazingly exciting story,” Consing said.

**Market position and strategy**

As of June 2026, Mynt reported 41.5 million monthly active users — equivalent to nearly 56 percent of the Philippine adult population — The Philippine Star reported, citing Mynt’s data.

Eric Jurado, hedge fund manager for the SeA Focus Portfolio, said one of the most attractive aspects of GCash is that it has already built something difficult and expensive to replicate. Jurado said Mynt’s IPO success depends less on first-day trading and more on whether GCash can sustain its “go deep and go wide” strategy — increasing engagement per customer and expanding the user base including overseas Filipinos, merchants and businesses.

“That means execution matters. Competition matters. Credit quality matters. Regulation matters. And, perhaps most importantly, earnings growth matters,” Jurado said, as quoted by The Star.