Record-breaking: GCash applies for P92.3-B IPO
The operator of GCash has formally kicked off what could become the biggest stock market debut in Philippine history after filing papers for an initial public offering (IPO) that could raise as much as P92.3 billion later this year.
Mynt Inc. said in a statement that it had submitted its registration statement to the Securities and Exchange Commission and its application for listing on the main board of the Philippine Stock Exchange, with the offering targeted for the fourth quarter.
Subject to regulatory approvals and market conditions, the fintech giant plans to offer up to 8.03 billion common shares, with an overallotment option of up to 1.2 billion additional secondary shares.
The proposed transaction consists of up to 1.61 billion new shares to be issued by Mynt through a primary offer and as many as 6.42 billion existing shares to be sold by current shareholders through a secondary offer.
Assuming full exercise of the overallotment option and an indicative offer price of up to P10 per share, the IPO could raise gross proceeds of as much as P92.3 billion.
The final offer price will be determined through a bookbuilding process.
Following the transaction, Mynt expects to have nearly 66.9 billion outstanding common shares. The firm’s shares will account for about 12 percent of its issued and outstanding capital stock, while the total offer shares will represent around 13.8 percent if the overallotment option is fully exercised.
The listing marks another milestone for Mynt, which transformed GCash from an SMS-based payment platform into what it described as a national-scale everyday finance platform focused on financial inclusion.
For 2025, GCash recorded 39.1 million monthly active users and processed P17 trillion in gross transaction value. It handled an average of 56.7 million transactions daily.
Meanwhile, Mynt posted revenues of P79.8 billion and net income of P17.2 billion in 2025, underscoring the profitability of its digital finance ecosystem.
“GCash has become an indispensable part of everyday life for millions of Filipinos,” Mynt president and CEO Martha Sazon said.
Sazon said around 40 million Filipinos actively use GCash every month out of its 90 million registered users, equivalent to nearly half of the country’s adult population.
She said about 78 percent of GCash users are located outside Metro Manila, while 92 percent belong to lower-income segments.
“As we embark on the next chapter of Mynt, our mission remains steadfast: to reach and serve millions more Filipinos, drive continuous innovation and ensure that everyone is safely, securely and meaningfully included in the digital economy,” she said.
