MANILA — Mynt Inc., the parent company of GCash, has secured commitments from more than 20 global and domestic institutions for its upcoming initial public offering, with the cornerstone investments expected to cover the entire institutional offer tranche, subject to possible reallocation between offer tranches.
The commitments bring together major international investment firms and Philippine financial institutions as Mynt prepares to broaden its shareholder base ahead of its planned listing on the Philippine Stock Exchange.
Among the international institutions participating are BlackRock, Capital Research and Management, FIL Investment Management, International Finance Corp., Lazard Asset Management, Schroder Investment Management, T. Rowe Price, RWC Asset Management and Surveyor Capital, a Citadel company. Domestic participants include ATRAM Trust, BPI Asset Management and Trust, China Bank Capital, Metrobank Trust Banking Group, Philequity Management and RCBC Capital.
Several institutions are also making their first notable commitments in the Philippine market. Albizia Capital, Amundsen Investment Management and HSBC Global Asset Management UK are among those making their first cornerstone investment commitment in the Philippines, while Ninety One’s North American and UK entities are participating as cornerstone investors in Southeast Asia for the first time.
Mynt President and CEO Martha Sazon said the participation reflects investor confidence in GCash’s position, its record of profitable growth and the potential for further expansion.
Chief Financial Officer Evelyn Ng said building a diversified, long-term shareholder base is important as Mynt prepares to become a publicly listed company.
GCash’s scale is a major part of the investment story. As of June, the platform had about 41.5 million monthly active users, equivalent to more than one-third of the Philippine population and roughly half of the country’s adults, according to the BusinessMirror report.
The company has expanded beyond its original digital-wallet functions into a broader financial-services ecosystem, offering products involving payments, credit, savings and investments.
Investor Eric Jurado said one of GCash’s key advantages is the difficulty of replicating its established customer base, merchant network, financial infrastructure, brand and ecosystem from scratch. He also emphasized that future performance will depend on factors including competition, credit quality, regulation and earnings growth.
The latest commitments follow earlier reports that major global investors, including BlackRock, Capital Group and Schroders, were preparing to participate in the Mynt share sale. Bloomberg previously reported that the offering could raise around ₱60 billion, although the final IPO price was still subject to the book-building process.
Mynt’s IPO is expected to become one of the largest equity offerings in Philippine market history. The Philippine Stock Exchange has approved the listing, with the final offer price scheduled for October 1, the public offer set for October 6 to 12, and the listing expected on October 20.
With major international and domestic institutions committing to the offering, attention now shifts to Mynt’s final IPO pricing and whether the market can sustain the strong investor interest surrounding the company behind GCash.
