Mynt Inc., the parent company of Philippine e-wallet GCash, has received approval from the Philippine Stock Exchange (PSE) for an initial public offering that is set to become the largest in the exchange’s history, marking a major test for investor appetite for the country’s fintech sector.
Mynt plans to offer up to 8.03 billion common shares, comprising as many as 1.61 billion primary shares and 6.42 billion secondary shares. An additional 1.20 billion secondary shares may be offered through an overallotment option, the PSE said on Friday.
The shares will be offered at up to 10 pesos each, implying gross proceeds of as much as 80.3 billion pesos ($1.38 billion) before any overallotment, based on the maximum offer price. With the greenshoe option, the offering could reach 92.3 billion pesos.
The offer period is scheduled for Oct. 6 to 12, with the final offer price to be set on Oct. 1 following a book-building exercise. Mynt is targeting an Oct. 20 listing on the PSE Main Board under the ticker GCASH.
The offering comes after Mynt more than doubled its valuation in 2024 to $5 billion following investments by Ayala Corp and Japan’s Mitsubishi UFJ Financial Group.
At the time, Mynt was valued at $2 billion in its previous funding round in 2021. Mynt reported 6.7 billion pesos in net income in 2023.
The 2024 investment round saw Ayala increase its stake in Mynt by 8 percentage points through its AC Ventures unit, while MUFG acquired an 8% stake. MUFG subsequently completed the acquisition in February 2025.
Mynt’s planned listing follows months of preparations for what is expected to be one of the biggest equity offerings in the Philippines.
PSE President and CEO Ramon Monzon said the Mynt listing could encourage more fintech and digital economy companies to tap the Philippine equities market.
“The landmark listing” could also increase retail participation, Monzon said, noting that investors will be able to subscribe through GStocks, the stock-trading service available within the GCash app.
The inclusion of GStocks could give Mynt an unusual distribution channel for an IPO, allowing its large digital-finance user base to access the offering through the same ecosystem used for payments and other financial services.
GCash has expanded beyond its original mobile-wallet business into a broader digital financial services platform, including payments, remittances, savings, credit and investments. Mynt also operates Fuse Lending, a technology-based lending business.
The company has said its growth has been driven by increasing use of digital financial services and efforts to broaden access to financial products.
Proceeds from the primary share sale will be used to fund growth initiatives in digital financial services, product development and general corporate purposes, according to the PSE.
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