Mynt shares climb 1.7 per cent on debut after record 60.9 billion peso Philippine IPO
The GCash operator's stock opened at its 6.60 peso offer price, then moved up to 6.71 pesos, while the wider Philippine Stock Exchange index slipped 0.02 per…
Mynt, the company behind mobile wallet GCash, saw its shares climb on their first day of trading. The stock opened at 6.60 pesos, matching its offer price, then moved up to 6.71 pesos. That was a gain of 1.7 per cent, according to CNA. The wider Philippine Stock Exchange index slipped 0.02 per cent.
Largest listing the country has seen
Mynt's Tuesday (Oct 20) debut came after it brought in 60.9 billion pesos (US$966.99 million) through the largest share sale of its kind ever recorded in the Philippines. LSEG data show it passed Monde Nissin's 52.2-billion-peso offering from 2021.
At 6.60 pesos apiece, the company offered 8.03 billion shares. Exercising an overallotment option lifted the deal from 53 billion pesos to 60.9 billion pesos. The company said over 20 cornerstone investors pledged roughly US$500 million, close to 60 per cent of the base deal. They included BlackRock, Citadel, Fidelity International and the International Finance Corp.
Mynt intends to direct the proceeds to expanding its digital financial services business, developing products and general corporate purposes, its prospectus says.
Reactions to the listing
Even with a sell-off in AI-related shares making investors pickier about new tech listings, Mynt's first day showed there was demand for its payments business. On the same day, Elice, a South Korean AI company, dropped steeply when it first began trading.
Philippine Stock Exchange president and CEO Ramon Monzon said: "It is a record and, more importantly, a statement of confidence in Mynt, in the Philippine economy and in the strength of our capital market."
Philippine President Ferdinand Marcos Jr said the stock market needed fresh investor interest and wider participation, and that drawing new capital remained a challenge. Demand that was strong among both domestic and foreign investors was, in his words, a "reason for optimism".
According to Martha Sazon, who is Mynt's president and CEO, the listing opened a new chapter in the company's drive to extend financial services to Filipinos who have long been shut out of formal banking. She added that low- to middle-income households account for nearly 90 per cent of GCash customers.
About GCash
Mynt, which is backed by Globe Telecom, Ant Group and Ayala Corp, is the owner of GCash, which its prospectus describes as the largest finance app in the Philippines. Payments, money transfers, lending, savings, investments and insurance are all available through the app. The prospectus says monthly active users numbered 41.5 million over the three months ended Jun 30, equal to nearly 56 per cent of adults in the country. In the first half of 2026, payments made by users came to 9.84 trillion pesos.
Mynt said that over the six months to Jun 30, its revenue grew 10.4 per cent to 43.27 billion pesos, while net income climbed 7.3 per cent year on year to 10.82 billion pesos.
