GCash parent Mynt gains 0.5% on debut after Philippines' biggest IPO

Mynt, the fintech company behind mobile wallet GCash, began trading on October 20 with its shares up 0.5% following a 60.9 billion pesos ($966.99 million) initial public offering. The listing was the Philippines' largest on record, according to data compiled by LSEG.

The shares opened at 6.63 pesos, compared with the IPO price of 6.60 pesos, while the Philippine Stock Exchange index fell 0.2%. Mynt sold 8.03 billion shares priced at 6.60 pesos each. An overallotment option expanded the offering from 53 billion pesos to 60.9 billion pesos, exceeding Monde Nissin's 2021 IPO of 52.2 billion pesos.

The transaction included newly issued shares and shares sold by existing investors. The prospectus says Mynt will receive proceeds from the new shares, while selling shareholders will receive proceeds from their holdings. Mynt plans to direct its proceeds toward expanding digital financial services, developing products and general corporate purposes.

More than 20 cornerstone investors pledged about $500 million, representing nearly 60% of the base offering, the company said. Participants included BlackRock, Citadel, Fidelity International and the International Finance Corp.

Backed by Globe Telecom, Ant Group and Ayala Corp, Mynt owns what its prospectus describes as the Philippines' largest finance app. GCash provides payments, transfers, lending, savings, investments and insurance. It recorded 41.5 million monthly active users over the three months ended June 30, nearly 56% of the country's adult population, according to the prospectus. Users made payments totaling 9.84 trillion pesos during 2026's first half.

Mynt reported that first-half net income increased 7.3% from a year earlier to 10.82 billion pesos. Revenue reached 43.27 billion pesos, a rise of 10.4%.