GCash parent Mynt debuts after record $965M Philippine IPO
What's the deal? Mynt, the fintech firm behind mobile wallet GCash, began trading on the Philippine Stock Exchange on October 20 after raising US$1.19B in the largest IPO in Philippine history. The stock closed 1.7% above its US$0.13 offer price, valuing the company at roughly US$8.62B.
Why now? The listing surpassed Monde NissinDealroom has a profile for this one. Try Dealroom →'s US$1.02B offering in 2021 to become the country's biggest IPO and the largest in Southeast Asia so far this year. It arrived as a broad selloff in AI-linked shares pushed investors toward more selective bets, with some regional tech listings pulled or trading below their offer prices.
Who's backing it? Global investors including BlackRock, CitadelDealroom has a profile for this one. Try Dealroom →, and Fidelity InternationalDealroom has a profile for this one. Try Dealroom → bought shares in the offering, which drew more than 20 cornerstone investors. Mynt is backed by Globe TelecomDealroom has a profile for this one. Try Dealroom →, Ant Group, and Ayala Corp.
What's the endgame? Mynt operates GCash, the Philippines' largest finance app, offering payments, transfers, lending, savings, investments, and insurance. "The listing marked a new stage in the company's effort to broaden access to financial services for Filipinos who have long been outside the formal banking system," President and chief executive officer Martha Sazon said, noting that nearly 90% of GCash customers come from low- to middle-income households.
By the numbers: GCash had 41.5 million monthly active users in the quarter ended June 30, close to 56% of the country's adult population. Users completed US$191.9B in payment transactions in the first half of 2026, though first-half net income rose just 7.3%, and the offer was valued at roughly 25 to 26 times 2025 earnings.
What could go wrong? Most proceeds came from existing shareholders selling down; Mynt itself receives about US$206.7M in fresh capital for expansion. Investors will weigh its large user base against slowing earnings growth.
The signal: The debut offered a rare large-scale technology float in a market where liquidity and foreign confidence have been concerns — the Philippine index is down about 4% this year. "Strong demand from local and international investors offered a reason for optimism," President Ferdinand Marcos Jr. said, though a steady open rather than a spectacular one suggests the listing is not yet proof of a broader IPO revival.
Read more: Reuters
Image credit: Generated with Gemini
