Mynt Secures PSE Approval for Record-Breaking GCash IPO

The Philippine Stock Exchange Inc. has approved the initial public offering application for Mynt Inc., the parent company of the GCash e-wallet. This clearance marks the first IPO of the year in the Philippines and is projected to surpass the previous record holder, Monde Nissin, which raised P55.89 billion in 2021.

Mynt plans to list on the PSE main board under the ticker symbol GCASH on October 20. The company will offer a mix of primary and secondary shares, with the final price to be determined after a bookbuilding exercise concludes on October 1. The move signals a significant entry of digital finance infrastructure into the local equity market.

Offer Structure and Pricing Mechanics

The offering consists of 8.03 billion common shares, split between up to 1.61 billion primary shares and up to 6.42 billion secondary shares. An overallotment option of 1.20 billion secondary shares may also be exercised. The prospectus indicates a maximum offer price of P10 per share during the October 6 to 12 subscription period.

While the maximum price cap is P10, current market indications place the value between P7.50 and P8.50. If the maximum price and overallotment are fully utilized, gross proceeds could reach P92.3 billion. Funds from primary share sales are earmarked for digital financial services growth, product development, and general corporate purposes.

Underwriting Syndicate and Retail Access

BPI Capital Corp. and BDO Capital & Investment Corp. serve as domestic lead underwriters. International bookrunners include Jefferies, CLSA, and HSBC Singapore, while Morgan Stanley, J.P. Morgan, and UBS act as joint global coordinators. This broad syndicate supports the scale of the transaction across local and global investor bases.

Retail participation is facilitated through the GStocks feature within the GCash application. PSE leadership expects this direct digital access to drive a significant increase in new retail investors. The Securities and Exchange Commission cleared the filing earlier this month, confirming the regulatory path for the launch.

Market Impact and Strategic Positioning

PSE President Ramon Monzon stated that the listing is poised to drive strong market activity ahead of the fourth quarter. The approval reinforces the exchange's focus on fintech and digital economy firms raising capital through equities. According to GN stocks/ipo, this debut aligns with broader trends of digital financial players entering public markets to fund expansion.