Mynt Inc., the parent company of Gcash, is moving closer to what could become a landmark moment for the Philippines stock market after the Philippine Stock Exchange Inc. (PSE) approved its initial public offering (IPO) application.
The offering is expected to raise as much as ₱92.32 billion, making it the largest IPO in Philippine history if completed at the maximum offer size. It would surpass the previous record set by Monde Nissin Corp., whose IPO raised ₱55.89 billion in 2021.
The PSE approved Mynt’s application as the company prepares to list on the exchange’s Main Board under the trading symbol GCASH.
“We welcome this highly anticipated IPO, which is poised to set the record as the largest public offering in PSE history. I hope this landmark listing will pave the way for more fintech and digital economy firms to go public and raise capital through the equities market,” PSE President and CEO Ramon S. Monzon said.
Mynt is expected to conduct its offer period from October 6 to 12, with a tentative listing date of October 20. The final offer price will be determined on October 1 after the company completes its bookbuilding process.
Billions of Shares to Enter the Market
Mynt’s IPO will involve a large combination of primary and secondary shares.
The company plans to offer up to 8.03 billion common shares, consisting of up to 1.61 billion primary shares and 6.42 billion secondary shares. Additional 1.20 billion secondary shares may be offered through an overallotment option, depending on the offering.
The maximum offer price has been set at ₱10 per share. At that price, and assuming full exercise of the overallotment option, the offering could generate gross proceeds of up to ₱92.32 billion. Mynt expects to receive net proceeds of up to ₱89.25 billion from the offering.
The final price, however, will depend on the bookbuilding and price-discovery process. This means the final amount raised will ultimately be determined by investor demand and prevailing market conditions.
The IPO will involve several major financial institutions:
- BPI Capital Corp. and BDO Capital & Investment Corp. will serve as domestic lead underwriters and joint bookrunners.
- Jefferies Singapore Ltd., CLSA Ltd., and HSBC Singapore will act as international joint bookrunners.
- Morgan Stanley, J.P. Morgan, and UBS Singapore will serve as joint global coordinators and joint bookrunners.
From Digital Wallet to Publicly Listed Technology Company
The IPO represents a major transition for Mynt as it moves from being primarily known as the parent company of GCash to becoming a publicly listed Filipino technology and financial-services company.
Mynt’s projected market capitalization at an offer price of ₱10 per share is approximately ₱668.96 billion, placing the company among the largest companies expected to trade on the Philippine stock market.
The company will also become the first to qualify under the Securities and Exchange Commission’s revised rules that allow for a lower public-float requirement for exceptionally large issuers.
Under SEC Memorandum Circular No. 11, Series of 2026, companies expected to achieve unusually large market capitalizations may qualify for a public float of as low as 12 percent, instead of the standard 15 percent requirement.
Mynt’s projected market capitalization comfortably exceeds the ₱200-billion threshold specified under the new rules. Its public float is therefore expected to be around 12 percent upon listing.
This regulatory change has allowed the company to proceed with an offering structure suited to its unusually large size.
IPO Funds to Support GCash Expansion
The money raised through the sale of Mynt’s primary shares will be used to support the company’s continued expansion.
According to the offering plans, the proceeds will be directed toward:
- Growth initiatives for digital financial services;
- Development of new products and services; and
- General corporate purposes.
The company’s ability to expand its services is closely connected to the large user base already built by GCash.
As of June 30, GCash had 41.5 million monthly average users, according to data from Frost & Sullivan. That figure represents more than a third of the Philippine population.
GCash also has about four times the number of active users of its closest competitor and ranked among the country’s three most-used applications across all categories as of March this year.
With this established user base, analysts have pointed to product diversification as an important opportunity for Mynt.
Analyst Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., sees diversification driving further GCash parent Mynt Inc.’s growth into the next few years.
“They’re already a wallet, very generic. The only thing that they need to do is add more products to sell. Because they already have the ecosystem,” Ravelas said.
He said the company can become a Peking duck dish rather than a simple fried chicken that is widely available almost everywhere.
A Bigger Role for Gcash and Retail Investors
Beyond the size of the offering, Mynt’s IPO could broaden public participation in the Philippine capital market by making the shares accessible to individual investors through GStocks in the GCash app.
PSE President Ramon Monzon said the availability of the IPO through GStocks could encourage more retail participation.
“Considering that the IPO subscription will also be made available through GStocks in the GCash app, we expect to see a significant uptick in new retail investors,” Monzon said.
The development also comes as GCash continues to expand beyond its traditional role as an e-wallet.
Its large customer base gives Mynt an established platform from which it can introduce additional digital financial products and services.
The Securities and Exchange Commission had earlier cleared Mynt’s IPO, making it the country’s first IPO of the year. With the PSE now approving the application, the company is preparing for the next stages of its public offering.
If the planned timetable proceeds, investors will have an opportunity to subscribe to the shares in October before Mynt makes its expected market debut on October 20.
The listing will place one of the Philippines most widely used digital financial platforms directly into the country’s public equities market.
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