MANILA, Philippines — GCash has already convinced millions of Filipinos to keep money, borrow, invest and pay bills through a phone. Its next challenge may be harder: convincing investors to put as much as ₱92.32 billion behind the company that operates it.
Mynt Inc., the parent company of GCash, is preparing what could become the largest initial public offering in Philippine stock-market history, with a maximum potential deal size of approximately ₱92.32 billion.
The Securities and Exchange Commission has cleared Mynt’s registration statement covering the proposed offering, which could put the fintech company on the Philippine Stock Exchange under the ticker GCASH as early as October 20, 2026, based on the latest submitted timetable.
If priced at the maximum ₱10 per share and the overallotment option is fully exercised, the IPO would dwarf previous Philippine listings.
But ₱92.32 billion is a ceiling—not a guaranteed fundraising amount.
The final offer price will be determined through institutional bookbuilding, and recent market commentary suggests the more consequential question is no longer whether GCash can list.
It is what price investors are willing to pay for it.
The deal could be almost twice the previous IPO record
At maximum size, Mynt would offer as many as 8.03 billion firm shares, plus an overallotment option of up to 1.20 billion additional secondary shares.
The base offering consists of approximately 1.61 billion newly issued shares and 6.42 billion existing shares being sold by current shareholders.
At ₱10 per share, the base deal could reach roughly ₱80.3 billion.
With the entire overallotment option exercised, that rises to approximately ₱92.32 billion.
For comparison, the Philippine Stock Exchange described Monde Nissin Corp.’s 2021 IPO as raising ₱55.89 billion, the existing PSE record.
Mynt’s maximum offering would exceed that figure by more than ₱36 billion, potentially resetting the benchmark for how much equity the Philippine market can absorb in a single IPO.
That is why SEC Chairman Francis Lim has described the Mynt transaction as a significant test of the depth of the domestic capital market, saying a deal of this magnitude could demonstrate the PSE’s ability to mobilize investor demand for large equity transactions.
But Mynt itself is not receiving ₱92.32 billion
This is perhaps the most important number behind the headline.
Most of the shares being sold are secondary shares.
That means the money from those shares goes to existing shareholders selling part of their investments—not into Mynt’s corporate bank account.
The SEC said Mynt expects approximately ₱14.95 billion in net proceeds from the primary portion of the IPO.
Those proceeds are intended for expansion of digital financial services, product development and other corporate purposes.
Mynt’s prospectus has identified priorities including expanding its CreditTech business, building strategic cash reserves and developing additional products.
If the maximum overallotment is exercised, secondary shares could account for more than ₱76 billion of the gross deal value at the ₱10 ceiling.
In other words, the record-breaking headline number serves two purposes:
It raises fresh money for Mynt.
But it also creates an exit opportunity for early investors who backed GCash before it became one of the Philippines’ dominant financial platforms.
Some early investors could cash out billions
Mynt’s draft prospectus identifies a number of institutional and individual shareholders participating in the secondary offering.
These include investment vehicles linked to Bow Wave Capital, Warburg Pincus, Insight Partners and Ant Group, as well as some Mynt executives.
InsiderPH reported that major strategic holders—including Globe Capital Venture Holdings, Ant International Technologies, Ayala-backed AM 50 Ventures and MUFG Bank—were not included among the selling shareholders in the preliminary prospectus.
That distinction matters because a large secondary sale can be interpreted in more than one way.
For early venture and private-equity investors, an IPO is a normal opportunity to realize returns after years of holding an investment.
For new investors, however, the large secondary component means they may examine carefully why certain existing holders are reducing exposure and how much of the offering actually finances future expansion.
Approximately 80% of the base IPO shares are secondary shares, according to the prospectus analysis.
At ₱10, Mynt would be worth nearly ₱669 billion
The maximum IPO price implies an initial market capitalization of approximately ₱668.96 billion.
That figure is large enough that Mynt qualified for a special reduction in the minimum public-float requirement.
Under new SEC rules, companies with exceptionally large expected market capitalizations can seek an initial public float below the ordinary 15% minimum.
Mynt was allowed to start with 12% public ownership, potentially increasing to around 13.8% if the overallotment option is fully exercised.
The company is the first issuer to use that lower-float framework.
The SEC said Mynt easily exceeds the rule’s ₱200-billion market-capitalization threshold, given the ₱668.96-billion valuation implied by its maximum offer price.
That valuation is central to the IPO debate.
Investors are not being asked merely whether GCash is a successful app.
They are being asked how much that success is worth.
GCash has already built extraordinary scale
The case for a premium valuation begins with GCash’s reach.
Mynt reported 39.1 million monthly active GCash users in 2025, with more than 90 million registered users overall.
Its payment solutions processed approximately ₱17 trillion in gross transaction value during 2025, averaging around 56.7 million transactions a day.
By March 2026, monthly active users had increased to approximately 40.4 million, while daily average transactions had reached about 62.4 million.
The platform also reported approximately 2.1 million QR merchants and 1.3 million cash-in and cash-out locations.
GCash has evolved far beyond basic money transfers.
Its ecosystem now includes payments, savings, lending, insurance, investment funds and stock investing.
Mynt’s lending business reported millions of active borrowers, while its savings and investment products have attracted millions of accounts.
That breadth is a major part of the IPO pitch.
Mynt wants investors to value GCash less like a simple electronic wallet and more like a digital financial ecosystem.
And the business is already profitable
Unlike many technology companies that reach public markets while still burning cash, Mynt is profitable.
Adjusted revenue increased from approximately ₱33.6 billion in 2023 to ₱54.1 billion in 2024 and ₱79.7 billion in 2025.
Net income climbed from about ₱6.38 billion in 2023 to ₱11.13 billion in 2024 and ₱17.25 billion in 2025.
That means 2025 profit increased by more than 50% from the previous year.
First-quarter 2026 net income reached approximately ₱5.6 billion, up from ₱4.52 billion a year earlier.
Globe Telecom, which owns a major stake in Mynt, said its share of Mynt earnings reached ₱3.7 billion in the first half of 2026, illustrating how important the fintech business has become even to one of its biggest shareholders.
Profitability therefore is not the main question facing investors.
The question is how quickly those profits can continue growing from an already enormous base.
Growth is shifting from payments toward lending
GCash’s original strength was payments.
The next phase increasingly depends on financial services.
Its lending arm, Fuse Financing, has become particularly important.
Fuse said cumulative loan disbursements had exceeded ₱406 billion by the first quarter of 2026, serving around 11.1 million borrowers.
The business also secured a ₱1.75-billion facility from the Asian Development Bank aimed at expanding credit for Philippine micro, small and medium enterprises.
This explains why part of Mynt’s fresh IPO capital is intended for CreditTech.
Loans can potentially generate much more revenue per customer than payments.
But lending also creates different risks.
As the loan book expands, investors will increasingly watch credit quality, defaults, provisions and regulatory requirements, not simply transaction volume.
Mynt itself lists competition, lending exposure and regulatory intervention among the risks investors should consider.
Regulation already showed it can hit GCash earnings
That risk is not hypothetical.
Globe said Mynt’s first-half 2026 contribution to its earnings was slightly lower than the previous year partly because of the removal of mobile gambling links from e-wallet platforms in late 2025.
The change demonstrated how quickly government regulation can affect even a dominant digital platform.
Mynt operates businesses exposed to the Bangko Sentral ng Pilipinas, Securities and Exchange Commission and other regulators covering payments, consumer lending, investments, data privacy and financial services.
That gives GCash an unusual valuation profile.
It has technology-company growth characteristics.
But increasingly, it also carries financial-sector regulatory risks.
Then comes the pricing question
The official maximum offer price remains ₱10 per share.
But the maximum price does not necessarily represent where the IPO will actually be sold.
Officials familiar with the transaction told InsiderPH that the final price could fall in a lower range of around ₱7.50 to ₱8.50, although the final number remains subject to bookbuilding and has not yet been officially fixed.
Analysts are divided over how much premium the market should assign Mynt.
Some research has argued that GCash deserves valuations comparable with regional fintech platforms because of its market leadership, profitability and long growth runway.
Others have warned that pricing near the ceiling would require investors to accept a substantial premium compared with many Philippine-listed financial companies.
That makes the bookbuilding period particularly significant.
At ₱10, Mynt maximizes valuation and headline fundraising size.
At a lower price, the company sacrifices part of that record-breaking number in exchange for potentially stronger investor demand and more room for the stock to perform after listing.
And the IPO is arriving in a difficult market
Timing is another complication.
The Philippine stock market has been dealing with weak sentiment, a soft peso, higher energy prices, inflation concerns and volatile global markets.
On September 15, the PSE index closed at 6,007.78, down 1.11%, with total market value turnover of only about ₱5.35 billion.
That gives some perspective on how large the GCash offer could be.
At its ₱92.32-billion maximum, Mynt’s IPO would equal roughly 17 times the entire amount traded across the PSE on September 15.
That is not a direct like-for-like comparison: an IPO is marketed over several days to domestic and international institutional investors, while daily exchange turnover measures ordinary secondary-market trading.
But it illustrates the scale of capital Mynt is attempting to attract.
Market analysts have also noted weak investor confidence and relatively subdued trading turnover during recent weeks.
A blockbuster IPO arriving into that environment makes price discipline especially important.
Mynt alone could account for almost half of projected 2026 capital raising
PSE President and CEO Ramon Monzon previously said capital raised through the exchange could reach approximately ₱204 billion in 2026 based on applications submitted to the bourse.
Mynt’s ₱92.3-billion maximum IPO represents roughly 45% of that amount by itself.
That helps explain why regulators see the deal as more than one company’s listing.
If the IPO succeeds, it could demonstrate that Philippine capital markets can accommodate very large technology companies without requiring them to list overseas.
It could also encourage other major private Philippine companies to consider the PSE.
If demand is weak or the offering has to be substantially repriced, the result could reinforce concerns about whether the local market has sufficient depth and liquidity for multibillion-dollar-equivalent technology offerings.
Either outcome would provide information to future issuers.
The institutional book will carry most of the weight
Mynt’s prospectus indicated that approximately 70% of the offer is intended for institutional investors, with the remaining 30% allocated through local brokers and local small-investor channels.
That means international funds, Philippine institutional investors, banks, insurance companies, asset managers and other large buyers are likely to determine whether the transaction clears near the upper end of its valuation range.
Mynt has assembled a heavyweight underwriting syndicate.
Morgan Stanley, J.P. Morgan and UBS are acting as joint global coordinators, while BPI Capital and BDO Capital are among the domestic underwriters. Jefferies, HSBC and CLSA also have roles in the international book.
The global roster reflects the size of the offering.
A ₱92-billion transaction cannot realistically depend on Philippine retail investors alone.
Retail investors could still make the IPO culturally significant
GCash’s public listing has another unusual dimension.
Unlike many Philippine IPO candidates, Mynt operates a product used by tens of millions of ordinary consumers every month.
That creates the possibility that some customers who have used GCash for years could become shareholders of the company behind the app.
But being a GCash user does not automatically provide ownership.
Investors still have to subscribe to the IPO or purchase shares after listing, and shares carry market risk like any other listed investment.
The recognition factor could nevertheless matter.
Many investors already understand GCash’s product without needing the company to explain what it does.
The more difficult task is explaining why the business deserves the valuation being sought.
This is really a test of two things
For Mynt, the IPO is a test of whether it can transform extraordinary consumer adoption into a public-market valuation approaching ₱669 billion.
For the Philippine Stock Exchange, it is a test of whether a market often dominated by conglomerates, banks, property developers and traditional industries can absorb one of Southeast Asia’s largest homegrown fintech companies.
The numbers are already historic.
A maximum ₱92.32-billion offer.
A potential ₱668.96-billion valuation.
More than 40 million monthly users.
₱17 trillion in annual payment value.
And ₱17.25 billion in 2025 profit.
But none of those figures guarantees investors will pay ₱10 per share.
That will be determined by the part of an IPO that no prospectus can settle in advance:
how much demand appears when the book actually opens.
If GCash gets the price right, Mynt could make Philippine stock-market history.
If investors push back, the biggest story may not be the ₱92.32-billion headline at all.
It may be how far the price has to move before the Philippine market says yes.
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