GCash raises profile of Philippine fintech sector with record IPO

Mynt, the parent company of Philippine eWallet GCash, has made its debut on the Philippine Stock Exchange (PSE) after raising 60.9 billion pesos (US$960 million) in the country’s largest initial public offering (IPO) to date.

Trading under the ticker symbol GCASH, Mynt opened at its IPO price of 6.60 pesos (US$0.1) per share on 20 October. Its market capitalisation stood at approximately 441.5 billion pesos (US$7 billion), making it the seventh-largest domestic company listed on the PSE.

Philippine President Ferdinand Marcos Jr. led the bell-ringing ceremony at the PSE Tower in Taguig to mark the listing, highlighting the role of digital technology in making financial services and investment opportunities more accessible to Filipinos.

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“Now, GCash is a part of everyday Filipino life. It is now a verb: ‘i-GCash mo na lang,’” Marcos said.

He added that the same phones Filipinos use to pay bills, purchase groceries and send money to their families can now also be used to participate in public offerings.

The offering drew participation from both institutional and retail investors. According to PSE president and CEO Ramon Monzon, 19 foreign and six domestic cornerstone investors subscribed to 59.8% of the offered shares, while non-cornerstone institutional investors took up a further 21.9%.

“It is a record. More importantly, it is a statement of confidence in Mynt, in the Philippine economy and in the strength of our capital market,” Monzon said.

The IPO also brought retail investors into the market through GCash’s investment services. More than 140,000 GCash users participated through GStocks PH, generating nearly 1.1 billion pesos (US$17 million) in order value.

The listing comes as the Philippine stock market seeks to attract fresh capital and broaden investor participation amid challenging market conditions.

“We recognise that investors have become more cautious and that attracting fresh capital remains a challenge. But Mynt’s initial public offering gives us reason for optimism,” Marcos said.

For Mynt, the listing marks the next stage in expanding its digital financial services. The company, a joint venture involving Globe Telecom, Ayala and Ant Group, plans to use the IPO proceeds to support lending expansion, product development and general corporate purposes.

Mynt’s final prospectus allocates 60% of net proceeds to lending expansion over the next three years.

GCash offers a range of services through its mobile platform, including payments, credit, savings, remittances and bill management. The eWallet has around 41.5 million monthly active users and processed 9.8 trillion pesos (US$155 billion) in transactions in the first half of 2026, up 23% year on year.

Mynt president and CEO Martha Sazon said the listing would allow the company to extend its reach, particularly among Filipinos with limited access to traditional financial services.

“Becoming a public company is not the finish line. The opportunity ahead is about how much more we can make possible for every Filipino,” Sazon said.

“It opens up more ways for us to reach those who are still unbanked and underserved, bring world-class experiences to our country and create more meaningful impact. And with this comes a greater responsibility to deliver on the trust placed in us,” she added.

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