Mynt, the parent company of GCash, an e-wallet super app with over 41.5 million active users—representing 56 percent of the Philippine population, is set for an initial public offering soon. The set price will be determined on October 1. That said, the IPO, at a price of 8 to 10 pesos per share, values the company as high as 80.3 billion pesos (1.3 billion dollars). Another speculative valuation puts the company at 92.3 billion pesos (1.47 billion dollars). This is at a 38.8x valuation of its 2025 revenue and 30.9x of its annualized earnings for 2026.
Initial Public Offering: What is it?
An Initial Public Offering (IPO) is an event where a private company takes itself public by issuing shares that the investing public can purchase, trade and sell. IPOs are usually landmark events for companies: it offers them significant capital infusions to support expansion efforts, pay off obligations, and ultimately, grow. This is the thesis behind an IPO. An IPO also obligates a company to open its ‘books’ to the public through Securities and Exchange Commission filings—in other words, its balance sheet, spendings, profits, losses are laid bare for everyone to see.
IPOs and Public Scrutiny Post-IPO
There have been cases where IPOs have revealed structural weaknesses behind a company. A notable example is that of WeWork, where, after its IPO, it came under scrutiny from investors once the detailed reports have gone into the spotlight; for a private company can inflate figures or hide expenses, but a public company now has the responsibility to all its shareholders. For WeWork, its business model dissuaded investors, and its pre-IPO valuation shrank from its high of tens of billions of dollars.
Big investors including BlackRock, T.Rowe Price, HSBC Global Asset Management, and FIL Investment Management (Hong Kong) Ltd., International Finance Corp are just a few institutional investors putting their weight behind the IPO push. In fact, Mynt mentions that “this is the largest group of cornerstone investors assembled for a Philippine IPO to date”, with 20 local and global cornerstone investors involved.
How does an IPO work? From Underwriting to Going Public
An IPO works through several key stages. The first stage is the selection of investment banks as underwriters. Next, the preparation of documents—both financial and otherwise—are made. After this, the underwriters (the banks) will determine the price of the share. For Mynt, the price is expected to be determined by October 1.
Once a company goes public, its shares can now be freely traded. Mynt will likely list its company on the Philippine Stock Exchange—finally opening the doors for prospective investors to line up and purchase stock of the growing company.
Mynt Earnings, GCash Reach and Growth
Mynt’s earnings have been strong. It grew from 6.38 billion pesos in 2023 to 17.25 billion pesos in 2025. The platform serves 7.5 million active borrowers and manages 17.9 million savings accounts, 9.2 million managed investment-fund accounts and about two million local stock market accounts; on top of the 41.5 million active users. And its place in the financial technology sector has been cemented—its closest competitor is a quarter of GCash’s size, undoubtedly giving GCash the title of the most popular fintech application.
GCash, a Super-App
GCash currently offers a wide suite of services that caters to nearly every niche. From electronic payment in physical locations, to transfers, to stock trading, savings vehicles, and much more; the platform positions itself to keep expanding and growing its services to serve all needs.
It is an app that has become a necessity—rather than a luxury—for over half of the population. Convenience stores, jeepneys, personal services, franchises, restaurants and friends use GCash. It allows financial access for the unbanked. It democratizes finance, and in doing so, has made GCash essential to the everyday Filipino life in nearly all of their touchpoints.
No matter how the IPO ultimately values the company, it is a landmark moment in the finance industry by recognizing the largest local e-wallet provider.
DOPAY, Serving the Niche Unserved
DOPAY finds itself in a unique position that fills the gap that GCash, PayMaya, and other comparable e-wallets leave behind. Its unique value proposition is multi-pronged. One, it caters to OFWs and Crypto-traders; from the lay person to the financially adept. Two, it offers a comprehensive educational program that allows for financial enlightenment for every Filipino. To address this, it offers a means for cryptocurrency trading, low remittance fees, and inter-wallet transfers all utilizing the blockchain.
Our mission is to provide financial enablement for Filipinos, everywhere. Whether you are a salaryman in Japan looking to remit at a rate lower than most competitors, or a crypto-trader looking to capitalize on maker rebates, DOPAY is a platform that encompasses the emerging needs of Filipinos.
DOPAY Academy: Educating the Filipino
Furthering the mission is our launch of the DOPAY Academy. The Academy is accessible and free of charge. There are over 600 lessons covering topics from Crypto to remittance; from easy to intermediate and advanced. We aim to spread education for everyone, to enable a country where everyone is more financially literate. Visit the DOPAY Academy to learn more—and benefit from its progressive and digestible (and inclusive) content.
DOPAY Incentive Programs
For the content creators, we offer the Affiliate Program, where you can earn up to 3,000 pesos in ETH—just create a 15 second video, spread the word about the app, and become popular. Read here to learn more.
For the referrers who want to share the benefits of the DOPAY app, we offer a reward of 70 pesos in ETH for the referrer, and 30 pesos in ETH for the referred user. The steps are simple. Click here to find out.
