GCash Owner Mynt Plans Record Philippine IPO, Seeks Up to $1.5 Billion

Mynt Inc., operator of the popular mobile wallet GCash, is preparing what could be the largest initial public offering in Philippine history, aiming to raise ₱92.3 billion (about $1.5 billion). The company’s board authorized the filing of a registration statement with the Securities and Exchange Commission and a listing application with the Philippine Stock Exchange on June 17, bringing a long-anticipated public debut closer to reality.

A fourth-quarter 2026 listing is the target, with Mynt proposing to offer roughly 12 percent of its post-IPO shares. The company is benchmarking its valuation at as much as $9 billion. If completed at that scale, the offering would top Monde Nissin’s 2021 IPO, which raised about $1 billion and has stood as the country’s largest until now.

GCash has grown into a dominant digital-payments platform, serving about 94 million users across the Philippines. Major shareholders include Globe Telecom with about 35 percent, Ant Group with roughly 34 percent, Ayala Corporation at 13 percent, and Japan’s Mitsubishi UFJ Financial Group at around 8 percent.

Regulatory changes helped pave the way. Earlier this year, the SEC relaxed the minimum public float requirement for large issuers from 20 percent to 15 percent, provided companies commit to meeting the higher level within two years. Mynt’s planned 12 percent offer depends on that flexibility; the Philippine Stock Exchange’s benchmark index (PSEi) still requires a 20 percent public float for inclusion, meaning Mynt would not immediately qualify for index membership unless the exchange updates its rules.

Market watchers say a successful Mynt IPO could be a catalyst for the broader Philippine market. The offering is expected to draw renewed interest from international fund managers and passive investors, potentially boosting liquidity and valuation levels across local equities. “If Mynt performs well in the stock market and becomes part of the index, then we could see the whole Philippine market actually performing better,” said April Tan, chief equity strategist at COL Financial.

Mynt’s filing could be formally announced soon, and observers will be watching pricing, allocation details, and whether the company uses an overallotment option to expand the deal size. The outcome will be closely followed by investors, regulators, and policymakers because of its potential to reshape capital markets and accelerate fintech growth in the Philippines.