MANILA, Philippines — Retail investors can now subscribe to Mynt Inc.’s initial public offering (IPO) through GStocks PH on the GCash app, giving millions of Filipinos a direct way to participate in the highly anticipated listing of the company behind the country’s leading e-wallet platform.
The IPO opened on Oct. 6 and will run until Oct. 12, with Mynt offering its shares at a final price of P6.60 each.
Eligible GStocks PH users can start with a minimum subscription of 100 shares, or P660, while larger orders may be placed subject to share availability.
Mynt’s shares are scheduled to begin trading on the Philippine Stock Exchange (PSE) on Oct. 20 under the ticker symbol GCASH.
GStocks PH gives retail investors direct access
The offering marks a major step in bringing the Mynt IPO directly to retail investors through the same GCash ecosystem used by millions of Filipinos.
GStocks PH, which is offered by AB Capital Securities, Inc., allows eligible users to transfer funds from their GCash wallets into their trading accounts and subscribe to the IPO without needing to coordinate with a separate bank or traditional brokerage account.
To participate, users can open GStocks PH through the GCash app, select the Mynt IPO offering, enter the number of shares they want to purchase and complete the required payment.
Investors must be at least 18 years old and fully verified on GCash to access GStocks PH.
First 100 shares get real-time allocation
Mynt is also offering a special allocation arrangement for GStocks PH users during the first two days of the retail offer.
Orders placed on Oct. 6 and 7 can receive real-time allocation for the first 100 shares, equivalent to P660 at the offer price, while shares remain available.
Orders exceeding the initial 100 shares will be processed subject to availability. The special real-time allocation does not mean that all larger orders are automatically guaranteed.
After the special offer period, subscriptions will continue through Oct. 12 under the regular IPO allocation process.
GStocks PH users can monitor their subscription status through the platform. If an order is only partially fulfilled or remains unallocated, funds corresponding to the unmatched shares will be returned under the applicable process.
IPO valued at about P53 billion
At P6.60 per share, Mynt’s firm offering of 8.027 billion common shares represents a gross IPO size of approximately P53 billion.
The company also has an overallotment option covering up to 1.204 billion additional secondary shares.
If the option is fully exercised, the total offering could raise approximately P60.9 billion, potentially making it the largest IPO in Philippine history.
The PSE previously said the offering consists of primary and secondary shares, with proceeds from the primary portion intended to support Mynt’s digital financial-services growth initiatives, product development and general corporate purposes.
Strong institutional demand preceded retail offer
The retail offering follows strong demand from institutional investors during Mynt’s bookbuilding process.
Mynt said the institutional bookbuild was multiple times oversubscribed, with demand coming from major global and domestic investors.
Among the investors identified in company and media reports are investment management entities connected to BlackRock, the International Finance Corp., BPI Asset Management and Trust Corp. and Metropolitan Bank & Trust Co.’s trust banking group. These investors accounted for about 70% of the allocation, according to the company’s retail-offer announcement.
The strong institutional demand has heightened expectations surrounding the public debut of Mynt, although retail investors will still face allocation limits if demand exceeds the shares available.
From GCash wallet to publicly traded company
Mynt’s IPO represents the transformation of one of the Philippines’ most widely used digital financial platforms into a publicly traded company.
GCash has expanded beyond basic mobile payments into services including savings, investments, insurance, lending and other digital financial products.
The company has increasingly positioned GCash as a broader financial-services platform, with its large user base providing a significant potential customer base for new products.
The planned listing also comes as the Philippines’ digital-finance sector continues to mature, with fintech companies competing alongside banks and other financial institutions for consumers seeking easier access to payments and financial services.
PSE expects wider retail participation
The PSE previously highlighted the decision to make the Mynt IPO available through GStocks PH as an opportunity to bring more first-time investors into the stock market.
When the exchange approved Mynt’s IPO application in September, PSE President and CEO Ramon S. Monzon said the availability of subscriptions through GStocks could result in a significant increase in new retail investors.
Mynt’s offering is therefore significant not only because of its size but also because of how the IPO is being distributed to the public.
Instead of relying exclusively on traditional brokerage channels, eligible GCash users can access the offering through an app they may already use for everyday financial transactions.
Investors are being urged to look beyond the hype
The accessibility of the IPO does not eliminate investment risk.
GCash has urged potential investors to study Mynt’s financial performance, business plans and disclosures rather than making investment decisions based solely on the popularity of the GCash brand or excitement surrounding what could become a record-setting IPO.
The distinction is important because owning shares in Mynt represents an investment in the company and its future performance, rather than simply an extension of a user’s GCash account.
Demand during the institutional bookbuild also does not guarantee how the shares will perform once they begin trading on the PSE.
October 20 listing will mark the next milestone
The IPO offer period will close on Oct. 12, after which allocations will be finalized under the applicable offering procedures.
Mynt is scheduled to make its PSE debut on Oct. 20, when shares will begin trading under the ticker GCASH.
If the overallotment option is fully exercised, the offering could set a new record for the largest IPO in Philippine history.
For retail investors, however, the immediate opportunity is simpler: the Mynt IPO has opened at P6.60 per share, with eligible GStocks PH users able to start with just P660 for 100 shares.
The offering gives Filipino retail investors a chance to participate in one of the country’s most closely watched market debuts — and puts GCash’s transition from a household digital wallet to a publicly traded company firmly in the spotlight.
