GCash owner Mynt's shares inch higher after record Philippine IPO

Shares of fintech firm Mynt, operator of mobile wallet GCash, rose 0.5 per cent in its market debut on Tuesday (Oct 20) after the company raised 60.9 billion pesos (US$966.99 million) in the largest initial public offering on record in the Philippines.

The stock opened at 6.63 pesos per share, up from its offer price of 6.60 pesos. The Philippine Stock Exchange index was down 0.2 per cent.

Mynt sold 8.03 billion shares at 6.60 pesos each. The exercise of an overallotment option increased the deal size to 60.9 billion pesos from 53 billion pesos.

The offering comprised both primary and secondary shares. Proceeds from the sale of new shares will go to the company, while proceeds from the secondary shares will go to existing shareholders, according to the IPO prospectus.

The offering surpassed Monde Nissin's 52.2-billion-peso IPO in 2021 to become the largest IPO on record in the Philippines, according to LSEG-compiled data.

The IPO attracted more than 20 cornerstone investors, who committed about US$500 million, or nearly 60 per cent of the base deal, according to the company. Investors included BlackRock, Citadel, Fidelity International and the International Finance Corp.

Mynt plans to use the proceeds to fund growth in its digital financial services business, product development and general corporate purposes, according to its prospectus.

Mynt, backed by Globe Telecom, Ant Group and Ayala Corp, owns GCash, the Philippines' largest finance app, according to its prospectus. The platform offers payments, money transfers, lending, savings, investments and insurance products.

The company had 41.5 million monthly active users in the three-month period ended June 30, nearly 56 per cent of the Philippines' adult population, according to its prospectus. GCash users completed payment transactions worth 9.84 trillion pesos in the first half of 2026.

Mynt reported net income of 10.82 billion pesos for the six-month period ended Jun 30, up 7.3 per cent from a year earlier. Revenue rose 10.4 per cent to 43.27 billion pesos.