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GCash parent Mynt prices record Philippine IPO

GCash parent Mynt prices record Philippine IPO

Money Moves

Digital wallet operator's listing raises up to 60.9 billion pesos, the Philippines' largest-ever if overallotment is exercised

Today: Mynt confirms final offer price of 6.60 pesos

Overview

Updated 1 hour ago

Mynt, the company behind the Philippines' dominant digital wallet GCash, priced its initial public offering at 6.60 pesos per share on October 1. The deal raises about 53 billion pesos, and up to 60.9 billion if the overallotment option is fully exercised, making it the largest IPO in Philippine history.

About 80% of the base shares are being sold by existing shareholders, meaning most of the proceeds go to investors cashing out rather than to Mynt's balance sheet. The listing tests whether pandemic-era fintech adoption can hold a premium valuation in public markets, and gives the Philippine stock exchange its biggest deal in years.

Why it matters

GCash's debut tests whether a digital wallet with 41.5 million monthly users can justify a premium valuation in the Philippines' largest-ever IPO.

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Key Indicators

P60.9B
Maximum IPO proceeds
Includes overallotment option of 1.2 billion additional shares; base offer is about 53 billion pesos.
P6.60
Offer price per share
Reduced about 34% from the P10 ceiling after market pushback.
24.6x
Price-to-earnings multiple
Trailing earnings multiple per DragonFi Securities analyst Jarrod Tin.
41.5M
Monthly active users
GCash users as of June 2026, more than a third of the country's population.
12-14%
Public float
Below the 15% threshold for Philippine Stock Exchange index inclusion.

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People Involved

Organizations Involved

Timeline

4 events Latest: Today
Tap a bar to jump to that date
  1. Shares begin trading on PSE

    Upcoming Listing

    GCash stock debuts on the Philippine Stock Exchange under the ticker GCASH.

  2. Retail offer opens

    Upcoming Offering

    Public investors can subscribe to shares from October 6 to October 12.

  3. Mynt confirms final offer price of 6.60 pesos

    Today Announcement

    The company announces the pricing, keeping the deal on track for the Philippines' largest-ever IPO.

  4. Mynt prices IPO at 6.60 pesos per share

    Pricing

    Sources say the deal will raise about 53 billion pesos, with up to 60.9 billion if the overallotment is exercised.

Scenarios

1

GCash stock rises on debut, validating fintech premium

Likely Resolves by Oct 20, 2026

Discussed by: DragonFi Securities, institutional investors

If the stock closes above the 6.60 peso offer price on its first trading day, it would signal that investors accept the valuation and see GCash's user base as a durable moat. The institutional book was oversubscribed multiple times, which supports this outcome.

2

GCash stock falls below offer price on debut

Possible Resolves by Oct 20, 2026

Discussed by: DragonFi Securities analyst Jarrod Tin, market observers

Concerns about credit quality, with provisions at 44.1% of CreditTech revenue, and the below-index public float could weigh on the stock. A weak debut would suggest the pandemic-era growth narrative is not holding up in public markets.

3

Overallotment fully exercised, deal becomes Philippines' largest-ever

Possible Resolves by Nov 30, 2026

Discussed by: Reuters, LSEG data

If the overallotment option covering up to 1.2 billion additional shares is fully exercised, total proceeds reach about 60.9 billion pesos, making it the country's largest IPO on record, surpassing Monde Nissin's 2021 listing.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

2021

Monde Nissin IPO (2021)

Monde Nissin, a Philippine food company, held the country's largest IPO in 2021, raising a record amount at the time. The deal became the benchmark for Philippine listings.

Then

The listing set the record for Philippine IPOs.

Now

It remained the largest on record until Mynt's 2026 deal.

Why this matters now

Mynt's IPO is measured against this record. At the base offer it ranks second; with the overallotment fully exercised it would surpass Monde Nissin.

2020-2021

GCash pandemic adoption surge (2020-2021)

GCash's user growth accelerated sharply during COVID-19 lockdowns, when cash handling became a health risk and government aid was disbursed through the app. The surge turned a telco-backed wallet into a national payments rail.

Then

The app's user base grew to tens of millions during the pandemic.

Now

The adoption created the user base Mynt is now monetizing through lending, insurance, and wealth products.

Why this matters now

The IPO bets that pandemic-era adoption is sticky, and that users who joined for necessity will stay for higher-margin financial products.

Sources

(8)