MANILA, Philippines — The long-awaited GCash stock market debut is now moving toward the finish line, with the Philippine Stock Exchange (PSE) approving the initial public offering of Mynt Inc., the parent company of the country’s largest e-wallet platform.
The offering could raise as much as ₱92.3 billion, potentially making it the largest IPO in Philippine history if the maximum offer and overallotment are fully exercised.
The PSE said Mynt has been approved for listing on the Main Board under the trading symbol “GCASH.” The offer period is scheduled for October 6 to 12, 2026, while the tentative listing date is October 20.
But one crucial number remains unsettled: the final IPO price.
October 1 could be the biggest date for investors
Mynt’s shares have a maximum indicated offer price of ₱10 per share, but the final price will only be determined on October 1 after the company’s book-building process.
At the maximum price and with the overallotment option fully exercised, the offering could reach approximately ₱92.32 billion.
That would put Mynt’s expected market capitalization at roughly ₱668.96 billion, according to information previously disclosed to regulators.
The Securities and Exchange Commission also approved Mynt’s request for a 12% minimum initial public float, below the previous 15% requirement. The lower threshold is allowed under new rules for exceptionally large companies whose expected market capitalization exceeds the prescribed threshold.
The structure of the blockbuster offering
The IPO involves up to 8.03 billion common shares.
Of that amount:
- Up to 1.61 billion shares will be primary shares issued by Mynt.
- Up to 6.42 billion shares will be secondary shares sold by existing shareholders.
- An additional 1.20 billion secondary shares may be offered through the overallotment option.
The distinction matters because proceeds from the primary portion will go to Mynt, while proceeds from secondary shares generally go to the selling shareholders.
Mynt said proceeds from its primary offering will support digital financial-services growth, product development and general corporate purposes.
GCash is bringing millions of users into the IPO story
The potential significance of the listing goes beyond the size of the fundraising.
The PSE expects the GCash IPO to generate greater activity in the Philippine stock market and potentially attract more retail investors.
PSE President and CEO Ramon Monzon said subscriptions will also be available through GStocks inside the GCash app, potentially making access to the IPO more familiar to the platform’s enormous user base.
GCash had 39.1 million monthly active users in 2025 and processed approximately ₱17 trillion in gross transaction value during the year, according to figures reported when Mynt initially filed its IPO plans. Mynt recorded ₱79.8 billion in revenue and ₱17.2 billion in net income in 2025.
More recent reporting from The Wall Street Journal said GCash serves around 94 million users across its broader ecosystem and processed more than ₱17 trillion in transactions in 2025, illustrating the scale of the platform.
A record that could rewrite the PSE IPO rankings
If the offering reaches its maximum size, Mynt would surpass Monde Nissin’s ₱55.89-billion IPO in 2021, currently the country’s largest IPO by proceeds.
Reuters reported that the proposed GCash offering would test investor appetite for fintech companies in Southeast Asia, where digital wallets have expanded rapidly while competition and regulatory scrutiny have also increased.
The deal is backed by major shareholders and investors including Globe Telecom, Ayala Corp., Ant Group/Ant International, Mitsubishi UFJ Financial Group and Warburg Pincus.
The IPO’s banking syndicate includes major international and Philippine financial institutions, including Morgan Stanley, JPMorgan, UBS, Jefferies, BPI Capital and BDO Capital.
What happens next?
The immediate milestone is October 1, when the final offer price is expected to be determined following book-building.
After that, investors will have from October 6 through October 12 to participate in the offering, ahead of the planned October 20 listing on the Philippine Stock Exchange.
The PSE’s approval is still subject to Mynt satisfying post-approval requirements of the exchange, the SEC and other relevant regulators.
For Philippine investors, the GCash IPO is therefore no longer simply a plan on paper. The timetable is now set, the exchange has approved the listing application, and the final piece of the puzzle is approaching:
How much will investors actually pay for a piece of GCash when the price is finally revealed on October 1?
