MANILA, Philippines — Mynt, the parent company of GCash, has priced its highly anticipated initial public offering (IPO) at P6.60 per share, setting the stage for what could become the largest IPO in Philippine history if the overallotment option is fully exercised.
The final price was set following an extensive bookbuilding process that attracted strong demand from major global and domestic institutional investors.
Mynt said the institutional bookbuild was multiple times oversubscribed, with demand extending beyond commitments from cornerstone investors—a strong indication of investor appetite for one of the country’s largest digital-finance platforms.
At P6.60 per share, Mynt’s base offer of 8.027 billion common shares represents a gross offer size of about P53 billion.
The company could raise as much as P60.9 billion if the overallotment option covering up to 1.204 billion additional secondary shares is fully exercised. That would put the transaction ahead of the country’s previous IPO fundraising record.
The pricing, however, is below the earlier indicative ceiling of P10 per share, reflecting the final outcome of the bookbuilding process and investor demand.
Strong institutional appetite
Mynt said final allocations will consider both the size and quality of investor demand, while seeking to establish a diversified shareholder base composed of global and domestic institutions alongside Filipino retail investors.
“The depth and quality of demand we have seen through this process reflects investor confidence in Mynt’s growth story,” Mynt Chief Finance Officer Evelyn Ng said.
The company said it also intends to maintain meaningful access for Filipino investors as it transitions into a publicly listed company.
The IPO is being closely watched by the Philippine capital market as a potential catalyst for increased activity in equities, particularly in the technology and digital-finance sectors.
Reuters reported that the offering comes at a time when Philippine equity fundraising has been relatively subdued, making the Mynt transaction a major test of investor appetite for large-scale technology and fintech listings.
Funds to support fintech expansion
Proceeds from the primary shares will be used to support Mynt’s growth initiatives in digital financial services, product development and general corporate purposes.
The transaction also gives public-market investors direct exposure to the business behind GCash, which has grown from a mobile wallet into a broader digital-finance platform serving millions of Filipinos.
The Philippine Stock Exchange earlier approved Mynt’s IPO application, with the company set to list on the Main Board under the ticker “GCASH.” The exchange said the offering is expected to provide a significant boost to market activity and could encourage other fintech and digital-economy companies to tap the equities market.
Subject to regulatory and other customary conditions, the Trading Participants and Retail Offer is scheduled for October 6 to 12, while the shares are expected to begin trading on the PSE on October 20 under the ticker GCASH.
The IPO is being jointly coordinated and bookrun globally by Morgan Stanley, J.P. Morgan and UBS, with a group of international and domestic investment banks serving as joint bookrunners and underwriters.
For the Philippine market, the Mynt listing represents more than another large share offering. It will be a closely watched test of whether a homegrown fintech company can translate its massive consumer reach into sustained public-market value—and whether that success can encourage more digital businesses to seek long-term capital through the local stock exchange.