Mynt Inc., the company behind the Philippines' largest mobile wallet app, GCash, has received approval for an initial public offering (IPO) of up to 92.3 billion pesos (approximately $1.47 billion). The Philippine Stock Exchange approved the listing application on September 18, 2026. This IPO is poised to be the largest public offering in Manila's history, with an expected listing around October 19-20 under the ticker GCASH.
Institutional investors, including BlackRock and Capital Group, are reportedly buying into Mynt's IPO. Company officials have indicated that the final IPO price will be set below the P10 per share ceiling, likely within the P7.50 to P8.50 range. This strategy aims to leave meaningful upside for investors rather than maximizing valuation at listing. Analyst research, including from AB Capital Securities and Morgan Stanley, supports a higher valuation, with AB Capital estimating Mynt's equity value between P531 billion and P834 billion.
Mynt's financial performance highlights its attractiveness, with a net income of P17.2 billion in 2025 on adjusted revenue of P79.7 billion, achieving a 21.6% net margin. In the first half of 2026, the net margin strengthened to 25.2%. Morgan Stanley projects a net income of P21.2 billion for 2026, maintaining a 22.6% margin and a return on equity of about 28%. The IPO proceeds are primarily earmarked for expanding lending services, leveraging GCash's 39-40 million monthly active users and P17 trillion in annual payment transactions. The company's ownership includes Globe Telecom (34% pre-offer), Ayala Corp., Ant International, and MUFG Bank.
