Mynt, the parent company behind the Philippine mobile wallet GCash, has priced its initial public offering at 6.60 pesos a share, setting up a transaction worth approximately 53 billion pesos, or $845 million.
The company announced the price on Friday, 2 October. It plans to offer up to 8.03 billion shares, with trading on the Philippine Stock Exchange scheduled to begin on 20 October.
According to Reuters, the offering could reach approximately 60.9 billion pesos, or $971 million, if an option covering up to 1.2 billion additional shares is fully exercised. Those larger proceeds remain conditional. (reuters.com)
Most shares will come from existing investors
The IPO combines newly issued shares with shares being sold by current shareholders.
In its September approval announcement, the Philippine Stock Exchange said the base offering would comprise up to 1.61 billion primary shares and 6.42 billion secondary shares. The additional-share option also consists of secondary shares.
Primary shares raise capital for the company. Secondary shares transfer an existing holding to a new investor, with the sale proceeds going to the selling shareholder.
The distinction matters because the headline transaction value is not the amount Mynt itself will receive. Most of the shares in the announced structure belong to existing investors.
The exchange said proceeds from Mynt’s newly issued shares would support digital financial services growth, product development, and general corporate purposes. (corporate.pse.com.ph)
Final price is below the preliminary ceiling
Earlier offering documents set a maximum indicative price of 10 pesos a share. The final price of 6.60 pesos is 34 per cent below that ceiling.
The preliminary figure was an upper limit, rather than a price at which the shares had already been sold. The final price followed bookbuilding, the process through which demand from prospective investors helps determine an offering’s terms.
At the lower price, the same number of shares produces a smaller transaction value. That explains why earlier reports referred to a possible offering of around 92.3 billion pesos, including the additional-share option, while the latest figures are lower.
The exchange’s earlier timetable set the public offer period for 6–12 October and identified 20 October as the tentative listing date. Mynt will trade under the symbol GCASH. (corporate.pse.com.ph)
International and domestic funds have committed.
Mynt said in September that it had secured commitments from more than 20 cornerstone investors.
These are investors that agree to purchase shares ahead of the public offering, subject to the transaction’s conditions. Their participation gives an IPO an established institutional shareholder base before wider subscriptions open.
Mynt’s published list includes funds or accounts managed by BlackRock, Capital Research and Management Company, HSBC Global Asset Management, the International Finance Corporation and Lazard Asset Management.
Domestic participants include ATRAM Trust Corporation, BPI Asset Management and Trust Corporation, and China Bank Capital Corporation.
Chief executive Martha Sazon said the company intended to continue expanding access to financial services while pursuing long-term shareholder value. Mynt said the commitments remained subject to final pricing, completion and customary closing conditions. (mynt.com.ph)
GCash has grown beyond its remittance origins.
Mynt was founded in 2015, while GCash began in 2004 as an SMS-based local money remittance service.
In its June announcement authorising preparations for the IPO, Mynt described the business as a digital finance platform serving consumers, merchants, and enterprise partners through payments, lending, and other financial services.
Sazon said the proposed listing was intended to support the company’s next stage of growth, alongside continued work on customer services, merchant support, and its platform.
That development provides the business context for the offering: a service that began with money transfers has expanded into a wider financial ecosystem. (mynt.com.ph)
Mynt reported revenue of 79.8 billion pesos and net income of 17.2 billion pesos for 2025. GCash served 39.1 million monthly active users and processed 17 trillion pesos in payment transaction value, according to figures reported from its IPO disclosures.
Transaction value measures money moving through the platform; it is different from the revenue earned by the company. (philstar.com)
Listing follows a quiet year for Philippine fundraising
Reuters, citing LSEG data, reported that Philippine companies had raised $227.1 million through share sales by 29 September, down 71 per cent from the comparable period last year.
The country accounted for 1.7 per cent of Southeast Asia’s equity fundraising during the first nine months of 2026.
Mynt’s planned offering is substantially larger than that year-to-date Philippine total. However, pricing the IPO is one stage of the transaction. Subscription, completion and the scheduled trading debut still lie ahead. (reuters.com)
