GCash parent Mynt lines up 20+ cornerstone investors ahead of proposed IPO

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Mynt, the parent company of Philippine finance super app GCash, has secured commitments from more than 20 global and domestic cornerstone investors as it moves towards a proposed initial public offering (IPO) on the Philippine Stock Exchange (PSE).

The company has filed its red herring prospectus, following pre-effective approval from the Philippine Securities and Exchange Commission (SEC) and a notice of approval from the PSE. Investor roadshows are now underway ahead of the expected pricing of the offer.

The aggregate commitments from the cornerstone investors are expected to cover approximately the entire institutional offer tranche, subject to any reallocation between the IPO's tranches.

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Mynt said the group represents what it believes to be the largest number of cornerstone investors in a Philippine IPO to date, subject to final pricing, completion of the offer and customary closing conditions.

The global investors include BlackRock-managed funds and separately managed accounts, Capital Research and Management Company, FIL Investment Management, HSBC Global Asset Management, International Finance Corporation, Lazard Asset Management, Ninety One, Schroders, Surveyor Capital, T. Rowe Price and other institutions.

Domestic participation includes ATRAM Trust Corporation, BPI Asset Management and Trust Corporation, China Bank Capital Corporation, Metrobank Bank & Trust Company, Philequity Management, and RCBC Capital Corporation.

The transaction also brings several institutions into new territory in the Philippine and Southeast Asian capital markets. Mynt said Albizia Capital, Amundsen Investment Management and HSBC GAM are making their first cornerstone investment commitments in the Philippines, while Ninety One's North American and UK entities are participating as cornerstone investors in Southeast Asia for the first time.

For Mynt, the proposed listing is intended to broaden its shareholder base while raising primary capital to support the expansion of its digital financial services and product innovation.

“The cornerstone investor group comprises leading institutions who have indicated interest to participate in Mynt’s proposed IPO. We believe this reflects confidence in our position as the nation’s number one finance super app, our track record of profitable growth, and the significant market opportunity that lies ahead of us. As Mynt enters the next chapter, we remain focused on our mission of 'finance for all' and on executing our strategy to sustainably deliver long-term shareholder value,” said Martha Sazon, president and CEO of Mynt.

CFO Evelyn Ng added that the company sees the composition of its investor base as important beyond the proposed IPO itself.

“Building a high-quality, diversified and long-term shareholder base is important to us, not just for the IPO, but for Mynt’s next chapter as a public company. The breadth and quality of cornerstone investor participation from both global and domestic institutions speaks to the strength of Mynt today and the opportunity ahead,” she said.

The final offer price is expected to be determined on 1 October 2026 following the bookbuilding process.

Mynt operates G-Xchange, the mobile wallet operator of GCash, as well as Fuse Lending, which provides microloans and business loans. GCash offers payments, money transfers, savings, credit, loans, insurance and investment services through its mobile app.

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