GCash IPO Draws Over 20 Cornerstone Investors, Signals Strong Institutional Demand

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

The commitments remain subject to possible reallocation between tranches, final pricing, and customary closing conditions, Mynt said in a statement.

Cornestone investors will purchase up to 59.8% of the shares on offer if the overallotment option is exercised, according to a report by The Philippine Star, injecting approximately P36.5 billion ($581.3 million). That sum represents about 40% of Mynt’s P92.3-billion target proceeds in what is set to become the largest listing in Philippine history. The investors agreed to a price of no more than P6.60 per share, below the indicative range of P7 to P10.

The International Finance Corp., the private-sector arm of the World Bank Group, is among the global subscribers. BusinessWorld reported that IFC on Wednesday disclosed a planned P4.4-billion ($70 million) investment as a cornerstone investor under the code name “Project Hiraya,” pending approval.

Other global cornerstone investors include HSBC Global Asset Management (UK) Ltd., Amundsen Investment Management, FIL Investment Management (Hong Kong) Ltd., and funds managed by subsidiaries of BlackRock Inc., which oversees a $15.3-trillion portfolio. Los Angeles-based Capital Research and Management Co. is also participating, per the prospectus.

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 acting as cornerstone investors in Southeast Asia for the first time, BusinessWorld reported.

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.

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. The final offer price is expected to be set on Oct. 1 after bookbuilding. The offer period runs from Oct. 6 to 12, with listing on the Philippine Stock Exchange’s main board on Oct. 20.

**Analysts temper optimism**

The participation of major global funds reflects Mynt’s scale and exposure to Philippine digital financial services, but it is too early to interpret the interest as a broader return of foreign capital to Philippine equities, analysts told BusinessWorld.

“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,” said Jarrod Leighton M. Tin, equity research analyst at DragonFi Securities. “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.”

Toby Allan C. Arce, head of sales trading at Globalinks Securities and Stocks, called GCash “a significant positive test case for foreign appetite rather than evidence that foreign investors have broadly returned.”

Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., said the offering arrives as the Philippine capital market faces low trading activity and a limited pipeline. He noted pricing will be crucial and that 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.”

**Executives dismiss exit-IPO concerns**

Ayala Corp. President and CEO Cezar Consing brushed aside criticism that the IPO is primarily a liquidation event for early investors. “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 told ANC, as reported by The Philippine Star.

Selling shareholders in the IPO include private equity firms and early-backers such as Advanced New Technologies (Singapore) Holding, ASP Philippines LP, Lion Fintech Investments, and individual executives including Mynt President and CEO Martha Sazon and other company officials.

Sazon said the cornerstone commitments reflect confidence in GCash’s position as the nation’s leading finance superapp. “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,” she said.

Eric Jurado, hedge fund manager for the SeA Focus Portfolio, told The Philippine Star that Mynt’s success depends on execution beyond the IPO. As of June 2026, Mynt reported 41.5 million monthly active users, roughly 56% of the Philippine adult population. “That means execution matters. Competition matters. Credit quality matters. Regulation matters. And, perhaps most importantly, earnings growth matters,” Jurado said.