GCash Parent Mynt Raises P60.9 Billion in Record Philippine IPO as App Users Buy In

A record listing reaches investors through their phones

Mynt, the company behind GCash, made its Philippine Stock Exchange debut on October 20, 2026, after a P60.9 billion initial public offering that brought major international investors and 140,725 GCash subscribers into the same transaction. President Ferdinand Marcos Jr. led the bell ringing ceremony as the company began trading under the ticker GCASH.

The shares opened at P6.63, three centavos above their P6.60 offer price, a gain of about 0.5%. The Philippine Stock Exchange index fell 0.2%, giving Mynt a modestly positive opening against a weaker market.

The offering set a Philippine fundraising record, while its distribution through GCash gave ordinary users a direct route into share ownership. Subscribers invested about P1.1 billion through the app, with many purchasing shares in a listed company for the first time. During the October 6 to 12 subscription period, an investment of P660 bought 100 shares.

The transaction also carries a distinction that matters for understanding what happens next: the P60.9 billion includes money paid to existing shareholders who sold stock. Mynt receives the proceeds from newly issued shares and plans to direct most of that funding toward its lending technology business.

For a platform that averaged 41.5 million monthly active users in the quarter ended June 30, the listing connects two parts of its business. GCash is a channel through which Filipinos manage money, and its parent is now a company those users can own a small part of.

How the offering reached P60.9 billion

Mynt's base offering comprised approximately 8.03 billion shares priced at P6.60 each, producing about P53 billion. An additional allocation of approximately 1.20 billion existing shares increased the transaction to P60.9 billion.

An overallotment option allows the banks arranging an IPO to sell an additional quantity of shares under agreed terms. Here, that additional allocation added about P7.9 billion to the base transaction. The 8.03 billion shares therefore describe the base offering, with the additional shares bringing the expanded sale to approximately 9.23 billion shares.

LSEG data put the previous Philippine IPO record at P52.2 billion, raised by food producer Monde Nissin in 2021. Another stated total for Monde Nissin's offering is P55.89 billion. Mynt's P60.9 billion exceeds both figures, by P8.7 billion and P5.01 billion respectively.

The dates and figures behind the listing show how quickly the retail subscription period led into public trading:

• 2021: Monde Nissin completed the offering that held the previous Philippine IPO record.
• June 30, 2026: Mynt completed the reporting period used for its latest financial results and user figures.
• October 6 to 12, 2026: GCash users could subscribe to Mynt shares through the app, including purchases of 100 shares for P660.
• October 20, 2026: Mynt began trading on the PSE Main Board under GCASH, opening at P6.63.

Where the money goes

Mynt's base offering contained approximately 1.61 billion newly issued shares and 6.42 billion existing shares. At the offer price, those portions were worth about P10.63 billion and P42.37 billion respectively, before fees and other expenses.

New shares raise money for the company. Existing shares transfer ownership from current holders to new investors, and the selling shareholders receive the proceeds. The additional 1.20 billion shares also came from existing holdings.

Newly issued shares accounted for about 20% of the base offering, calculated from 1.61 billion out of 8.03 billion shares. Their share of the expanded transaction was smaller because the additional allocation consisted of existing stock.

Mynt's final IPO prospectus sets aside 60% of net proceeds from the primary offering for expanding its credit technology business, known as CreditTech. The rest is intended for product development and general corporate purposes. Net proceeds are the money left after offering expenses, so the allocation applies to a smaller amount than the estimated P10.63 billion gross value of the new shares.

GCash President and Chief Executive Officer Martha Sazon said the additional funding would support service expansion and efforts to reach people who remain unbanked or underserved. For those customers, the practical goal is access to financial services that they may struggle to obtain through traditional providers.

Large investors anchored demand

Philippine Stock Exchange President Ramon Monzon said 19 foreign and six domestic cornerstone investors subscribed to 59.8% of the offered shares. He described that participation as a record and an expression of confidence in Mynt, the Philippine economy and its capital markets.

Cornerstone investors agree to purchase shares before an IPO opens to wider participation. Their commitments give the company and its arranging banks a substantial pool of demand ahead of the listing.

Commitments were reported at about P36.5 billion, with international descriptions also placing them around $500 million. Named participants included BlackRock, Citadel, Fidelity International and the International Finance Corporation.

The domestic group included ATRAM Trust, BPI Asset Management and Trust, China Bank Capital, Metropolitan Bank & Trust's Trust Banking Group, Philequity Management and RCBC Capital. International participants also included HSBC Global Asset Management and Amundsen Investment Management.

Mynt said Albizia Capital, Amundsen and HSBC Global Asset Management were making their first cornerstone investment commitments in the Philippines. Ninety One North America and Ninety One UK were participating as cornerstone investors in Southeast Asia for the first time. Those commitments extended the offering's reach beyond institutions already accustomed to this type of Philippine investment.

What P660 bought ordinary subscribers

GCash users could purchase 100 Mynt shares for P660 during the subscription period. The app put the purchase process on the same device many people already use to pay bills, buy goods and transfer money to relatives.

Marcos, speaking at the listing ceremony, described how that familiar channel had become a route into the offering:

"In fact, the same phone that Filipinos are using to pay bills, to buy groceries, or send money to their families can now be used also to participate in Mynt's public offering," the President said.

The 140,725 subscribers who invested through GCash put in about P1.1 billion altogether. Dividing that rounded amount by the number of participants gives an average of roughly P7,800 per subscriber. Individual purchases varied, with the P660 package providing a much smaller entry point.

A share represents a small ownership interest in Mynt. After listing, its market price moves as buyers and sellers trade. At the opening price of P6.63, 100 shares were worth P663 before trading costs, compared with their P660 subscription cost.

The concrete change for these subscribers is access: a wallet used for daily payments also served as a distribution channel for an IPO. Buying shares brings exposure to the company's financial performance and to changes in the stock market, including the possibility of losing money when prices fall.

A financial platform with 41.5 million active users

GCash averaged 41.5 million monthly active users during the three months ended June 30, equivalent to nearly 56% of the Philippines' adult population. Monthly active users measure how many people use a service within a month, rather than how many accounts have ever been registered.

Customers conducted payment transactions worth P9.84 trillion through GCash in the first half of 2026. That figure measures the value of payments passing through the platform. Mynt's revenue, the income its businesses generated, was P43.27 billion for the same period.

Mynt is backed by Globe Telecom, Ant Group and Ayala Corp. Its platform spans payments, money transfers, lending, savings, investments and insurance, giving it several ways to serve customers beyond moving money between wallets.

Marcos linked the platform's rapid development to the COVID-19 pandemic, when digital payments became more widely used. He also pointed to the contribution of electronic wallets to micro, small and medium enterprises, whose customers can pay through their phones.

The decision to devote 60% of net primary proceeds to CreditTech places lending at the center of Mynt's next funded expansion. For customers, that means the company's growth plans extend beyond making payments easier to widening access to credit.

Profit grew more slowly than revenue

Mynt reported net income of P10.82 billion for the six months ended June 30, up 7.3% from the same period a year earlier. Revenue increased faster, rising 10.4% to P43.27 billion.

Those figures put net income at approximately 25% of revenue. In simple terms, Mynt retained about one peso in profit for every four pesos of revenue during the first half.

The different growth rates also show that profit did not rise as quickly as sales. Using the reported growth figures to estimate the previous year's results gives a net profit margin of about 25.7%, compared with approximately 25.0% in the latest period. These are approximate calculations because the published amounts and percentages are rounded.

Investors now have a starting point for judging the expansion funded by the IPO: P43.27 billion in revenue, P10.82 billion in profit and a large existing customer base. Future results will show how spending on credit technology and new products translates into additional business.

A market seeking broader participation

Marcos acknowledged that investors had become more cautious and that attracting fresh capital remained challenging. He presented Mynt's listing as a chance to renew interest in Philippine shares and bring more people into the market.

The President addressed that timing directly during his speech:

"The timing of this listing is especially meaningful, as our stock market needs renewed investor interest and broader participation," Marcos said.

He also cited the Capital Markets Efficiency Promotion Act, or CMEPA, saying it reduced the stock transaction tax from 0.6% to 0.1%. At those rates, a transaction subject to the tax with a value of P10,000 would incur P10 rather than P60 in that tax component, a reduction of P50. Other applicable charges affect the total cost of trading.

Mynt's opening gain arrived alongside a 0.2% decline in the broader index. The listing attracted substantial commitments to one company while the wider market faced a weaker trading session.

The combination of institutional demand and purchases through GCash gave the offering two distinct sources of support. Large investors committed billions of pesos before trading, while individual subscribers gained a route into the sale through a familiar app.

What investors can watch next

Mynt's spending plans make the use of primary proceeds a central measure of progress. Investors can track how much goes into CreditTech, what products are developed and whether the expansion reaches customers who previously lacked suitable financial services.

The lending allocation also makes credit performance relevant. Lending generates income when customers repay their loans, while unpaid borrowing creates losses. As that business expands, revenue growth, repayment performance and the cost of providing credit will matter alongside the number of users.

Mynt's announced plans set out broad spending categories, but no specific timetable for deploying the IPO proceeds was given. The immediate milestones are the completed subscription period and the October 20 listing; the next stage is execution of the expansion plan.

For the 140,725 subscribers who bought through GCash, ownership now continues beyond the app subscription screen. Their investment is tied to a listed company with a large payments business, growing profits and a stated intention to expand access to credit and other financial services.

Key Points

• Mynt raised P60.9 billion in the Philippines' largest IPO and began trading as GCASH on October 20, 2026.
• Shares opened at P6.63, about 0.5% above the P6.60 offer price.
• The base offering contained 8.03 billion shares, with approximately 1.20 billion additional existing shares expanding the deal.
• Mynt plans to use 60% of net proceeds from newly issued shares to expand CreditTech.
• Some 140,725 GCash subscribers invested about P1.1 billion through the app.
• GCash averaged 41.5 million monthly active users in the quarter ended June 30.
• Mynt reported first half revenue of P43.27 billion and net income of P10.82 billion.