Mynt gains 0.5 per cent on debut after record Philippine IPO
The GCash operator’s offering reached ₱60.9 billion after an overallotment option was exercised, exceeding the previous record set by Monde Nissin.
GCash operator Mynt began trading on 20 October with a 0.5 per cent gain following a ₱60.9 billion (US$966.99 million) initial public offering, the biggest recorded in the Philippines. Its opening price was ₱6.63, compared with the ₱6.60 offer price, while the Philippine Stock Exchange index fell 0.2 per cent.
The fintech firm sold 8.03 billion shares priced at ₱6.60 each. An overallotment option lifted the offering’s size from ₱53 billion to ₱60.9 billion. LSEG-compiled data showed it exceeded the previous record, Monde Nissin’s ₱52.2 billion flotation in 2021.
According to Mynt, more than 20 cornerstone investors committed about US$500 million, representing nearly 60 per cent of the base deal. They included Fidelity International, BlackRock, the International Finance Corp and Citadel.
The IPO included newly issued shares and shares sold by existing holders. Mynt’s prospectus said the company would receive proceeds from the new shares, with secondary-sale proceeds going to existing shareholders. Mynt plans to fund digital financial services growth, product development and general corporate purposes.
Backed by Ant Group, Ayala Corp and Globe Telecom, Mynt owns GCash, which its prospectus describes as the country’s largest finance app. Its services span payments and money transfers as well as lending, savings, investments and insurance.
The prospectus put monthly active users at 41.5 million for the three months ending 30 June, equivalent to nearly 56 per cent of the country’s adult population. Payment transactions by GCash users totalled ₱9.84 trillion during the first half of 2026.
For the six months ending 30 June, Mynt reported ₱10.82 billion in net income, a year-on-year increase of 7.3 per cent. Revenue reached ₱43.27 billion, up 10.4 per cent.
