MANILA, Philippines — GCash parent Mynt Inc. is preparing what could become the biggest initial public offering in Philippine history, but one detail buried inside the massive transaction may prove just as significant as its record-breaking size: most of the potential ₱92.3 billion raised would go to existing shareholders selling their stakes, rather than directly into the company.
Under Mynt’s revised preliminary prospectus, selling shareholders could receive as much as approximately ₱76.26 billion, equivalent to nearly 83% of the maximum ₱92.32-billion transaction, assuming shares are priced at the maximum indicative price of ₱10 each and the overallotment option is fully exercised.
Mynt, meanwhile, would receive approximately ₱16.05 billion in gross proceeds from newly issued shares, before IPO-related fees and expenses.
That makes the upcoming listing not only a major capital-raising event for one of the Philippines’ biggest fintech businesses, but also a potentially lucrative exit opportunity for investors that backed GCash years before it became one of the country’s dominant financial platforms.
Bow Wave could emerge as the biggest seller
The largest potential seller is ASP Philippines LP, an investment vehicle controlled by Bow Wave Capital Management.
ASP Philippines could sell as much as ₱27.04 billion worth of Mynt shares, reducing its ownership from around 6% to approximately 1.82% after the offering and full exercise of the additional share option.
Bow Wave was one of GCash’s major early institutional backers, investing about $175 million in 2021, when the pandemic accelerated the Philippines’ shift toward digital payments.
Its potential multibillion-peso sale illustrates just how dramatically Mynt’s valuation has grown since investors began pouring money into the company during GCash’s rapid expansion.
An Ant Group-linked shareholder could sell ₱25 billion
Another major seller is Advanced New Technologies (Singapore) Holding Pte. Ltd., an Ant Group-affiliated company.
It could dispose of shares worth as much as ₱25.18 billion, reducing its direct stake in Mynt from approximately 6.22% to 2.30%.
But that should not be interpreted as Ant Group abandoning GCash.
Other Ant-linked entities, including Ant International Technologies and AI Vision, are not selling their holdings under the transaction. Taken together, Ant-affiliated companies would still control approximately 28.5% of Mynt after the IPO, assuming the overallotment option is fully exercised.
Ant’s involvement with GCash dates back nearly a decade, when the Alibaba-linked fintech group became a strategic partner as GCash evolved from a mobile payments service into a wider financial-services platform.
Warburg Pincus and Insight Partners are also cashing in
Private-equity giant Warburg Pincus, through Lion Fintech Investments and several related LGVP investment vehicles, could sell approximately ₱14.84 billion worth of shares.
Their combined stake could fall from roughly 3.28% to about 1%.
Meanwhile, Insight Partners, through Insight PHP Holdings, could sell as much as ₱8.53 billion, reducing its ownership from around 1.89% to 0.57%.
Combined, the major investment vehicles associated with Bow Wave, Ant, Warburg Pincus and Insight Partners could sell roughly ₱75.6 billion worth of shares at the maximum indicative price.
Several Mynt executives are also offering smaller portions of their holdings. The Philippine Star reported that Mynt president and CEO Martha Sazon could sell approximately ₱440 million worth of shares, while other senior executives have also registered shares for sale.
Some of GCash’s most powerful shareholders are staying put
Not every major investor is heading for the exit.
Among the shareholders not selling shares in the offering are Globe Capital Venture Holdings, the Ayala-and-Mitsubishi-backed AM 50 Ventures, and Japan’s MUFG Bank.
Globe remains particularly exposed to Mynt’s future performance. Globe reported that its equity share in Mynt’s earnings reached about ₱3.7 billion during the first half of 2026, making the fintech company an increasingly important contributor to the telecommunications group.
Why investors are watching the ₱10 price closely
Mynt plans to offer up to 8.03 billion firm common shares, consisting of approximately 1.61 billion newly issued shares and 6.42 billion secondary shares sold by existing shareholders.
An additional 1.2 billion secondary shares may be offered through an overallotment option.
At the maximum indicative price of ₱10 per share, the entire transaction could reach approximately ₱92.3 billion. That would potentially surpass the previous record for a Philippine IPO and value Mynt at roughly ₱669 billion, or around $11 billion depending on exchange rates.
That valuation represents a dramatic increase from the approximately $5-billion valuation attached to Mynt when MUFG invested in the company, underscoring how aggressively public-market investors are being asked to value GCash’s growth prospects.
The ₱10 figure, however, remains a maximum indicative offer price, not necessarily the final price investors will pay. Final pricing is expected after the institutional bookbuilding process.
GCash enters the IPO with enormous scale
The size of the offering reflects how far GCash has expanded beyond its origins as a basic electronic wallet.
For 2025, Mynt reported ₱79.8 billion in revenue and ₱17.2 billion in net income, while GCash processed approximately ₱17 trillion in payment transaction value and recorded 39.1 million monthly active users.
The platform continued expanding in 2026.
Data from Mynt’s latest prospectus cited by InsiderPH showed monthly active users reaching approximately 41.5 million by June, while payment value climbed to about ₱9.84 trillion during the first half. Mynt reported roughly ₱43.15 billion in first-half revenue and ₱10.82 billion in net income.
GCash now extends well beyond money transfers and QR payments, offering lending, savings, investments, insurance and other digital financial products.
That scale is central to the investment case — but so are the risks.
Recent prospectus disclosures also highlight pressure from falling payment take rates, lower bank-transfer fees, regulation and intensifying competition across Philippine digital finance.
October could be a defining month for Philippine stocks
Mynt recently adjusted its IPO timetable.
Pricing is now targeted for October 1, with the final offer price expected to be announced on October 2. The public offer is scheduled for October 6 to 12, while Mynt is targeting an October 20, 2026 listing on the Philippine Stock Exchange, subject to regulatory approvals and market conditions.
Morgan Stanley, J.P. Morgan and UBS are serving as joint global coordinators and joint bookrunners. Jefferies, HSBC and CLSA are also part of the international banking lineup, while BPI Capital and BDO Capital are the domestic lead underwriters.
For Philippine investors, the headline number will naturally be the potential ₱92.3-billion IPO.
But the more revealing figure may be the ₱76.26 billion potentially flowing to existing shareholders.
GCash’s early investors spent years betting that Filipinos would move their financial lives onto smartphones. If Mynt successfully completes its IPO near the top of its indicated valuation, many of those investors will finally be able to turn that bet into billions of pesos in realized value — while still leaving some of GCash’s biggest strategic shareholders firmly inside the company.
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