GCash Parent Mynt Locks In October 20 Listing for Record P92.3-Billion IPO

Mynt, the company behind the GCash mobile wallet, cleared its last regulatory approval, and Filipinos can subscribe to the offer straight from the GCash app.

Mynt secured Philippine Stock Exchange approval on September 19 for the GCash IPO, an initial public offering worth up to P92.32 billion. The approval clears the final regulatory step before what is set to become the largest share sale in the exchange's history.

The offer covers 8.03 billion shares, split between 1.61 billion new primary shares and 6.42 billion secondary shares held by existing owners, with an overallotment option of another 1.2 billion secondary shares. Pricing carries a cap of P10 per share, though bankers have signaled a likely range of P7.50 to P8.50. Mynt will set the final price on October 1, run its subscription period from October 6 to 12, and target a listing date of October 20 under the ticker GCASH.

At the top of its range the deal would raise roughly 1.5 billion US dollars and give Mynt an initial market value near P669 billion.

The Securities and Exchange Commission had already cleared the offer earlier in September, granting Mynt a reduced minimum public float of 12 percent instead of the usual 15 percent under SEC Memorandum Circular No. 11, Series of 2026. Mynt counts Globe Telecom, Ayala Corporation, and Ant International among its backers, along with Japan's MUFG Bank and Mitsubishi Corporation.

One detail sets the GCash IPO apart for ordinary Filipinos. The subscription runs through GStocks inside the GCash app, so the same phone used to send money or pay a sari-sari store bill can place an order for the shares.

GCash reported 41.5 million monthly active users in the second quarter of 2026, about 56 percent of the country's adult population. More than 25 million accounts already hold its investment products such as GStocks, GFunds, and GBonds.

Institutional demand looks firm. Mynt has lined up more than 20 cornerstone investors, including BlackRock, Fidelity Investments, Capital Group, and Schroders, with the International Finance Corporation committing P4.4 billion, about 70 million US dollars, pending approval. Anchor pricing has been placed near P6.50 to P6.60 per share. BPI Capital and BDO Capital are handling the domestic tranche, with Jefferies, CLSA, HSBC, Morgan Stanley, J.P. Morgan, and UBS on the international side.

For business owners, the listing matters on two fronts. It puts a price tag on the payment rails that many small merchants already rely on for QR collections and cash-in, and it gives owners with idle balances a low-barrier way to hold equity in that infrastructure.

What to watch next in the GCash IPO is the October 1 pricing. A final number near the P6.50 anchor rather than the P10 cap would signal that Mynt is leaving room for the stock to climb after debut, a decision that will shape how the biggest listing in Philippine market history trades in its opening weeks.