GCash Operator Mynt Prices IPO at 6.60 Pesos, Poised to Raise $966 Million in Philippines’ Biggest Listing

Mynt, the company behind the Philippines’ dominant mobile wallet GCash, has finalized the price for its planned stock market debut, setting its shares at 6.60 pesos each. At that level, the flotation is expected to raise about 60.9 billion pesos, or roughly $966 million, positioning it to become the largest initial public offering ever completed in the Philippine market.

The move brings to a close a period of intense anticipation among investors and market watchers, many of whom have expected Mynt to pursue a listing since GCash’s surge in adoption during the COVID-19 pandemic. That boom turned the app into a mainstream tool for everyday payments and transfers, and helped elevate its parent company into one of the country’s most closely watched fintech players.

Proceeds from the share sale are set to be directed toward expanding Mynt’s broader suite of financial services. The company has indicated it will use the fresh capital to strengthen and grow offerings beyond its core digital wallet operations, reflecting a strategy to build a wider platform for consumer finance as digital payments become more entrenched in the Philippines.

Mynt’s pricing decision keeps the offering on course for a record-setting outcome in a market where large-scale listings have been relatively rare in recent years. The planned raise, if completed as expected, would set a new high-water mark for Philippine IPOs by value, underscoring both the scale Mynt has reached and the investor interest that top local tech and financial-services platforms can command.

Market attention has remained fixed on the company’s timing and valuation, given the pivotal role GCash now plays in daily commerce for many Filipinos and the way the pandemic accelerated a shift from cash to app-based transactions. With the final offer price now set, the transaction enters a critical phase as it moves toward its debut as a publicly traded company.

Why it matters

A successful Mynt listing would be a landmark test of appetite for large Philippine tech-enabled financial services companies in public markets. It could also provide Mynt with significant new funding to broaden access to digital finance products. Investors will be watching whether demand supports the record-sized deal and how the new capital translates into expanded services and competition in the fintech sector.