GCash Parent Mynt Makes History With P60.9-Billion IPO, the Largest in Philippine Stock Exchange History

# GCash Parent Mynt Makes History With P60.9-Billion IPO, the Largest in Philippine Stock Exchange History

The e-wallet giant's shares ended their first day flat at P6.60. Most of the money raised went to existing investors, not to the company

By Kaeleb Savon Heck | Mr. Blindbandit Chronicle. This is original reporting and analysis based on the public sources listed at the end.

TAGUIG CITY, Philippines — Mynt Inc., the company behind the e-wallet GCash, listed on the Philippine Stock Exchange (PSE) on Tuesday, Oct. 20, 2026, under the ticker GCASH. Its initial public offering raised P60.9 billion, the largest in the exchange's history. President Ferdinand Marcos Jr. attended the listing ceremony.

"This is the largest initial public offering in the history of the Philippine Stock Exchange," PSE President and CEO Ramon Monzon said at the ceremony, according to The Manila Times, which reported that he called it the culmination of a three-year process.

The stock opened at its P6.60 offer price, climbed as high as P6.76 during the day, and closed at P6.60. That is unchanged from the IPO price, according to the PSE's daily quotation report for Oct. 20. About 650.33 million shares worth roughly P4.33 billion changed hands in regular trading. At the offer price, Mynt's market capitalization is P441.5 billion, or about US$7 billion, which Monzon said makes it the seventh-largest domestic company on the exchange.

The numbers

Rappler reported that Mynt sold 9.23 billion shares at P6.60 each, including a fully exercised overallotment option. Most of the money went to existing shareholders:

• P10.6 billion was fresh capital for Mynt.
• P50.3 billion came from secondary shares sold by existing investors.
• About P1.1 billion came from retail subscribers who bought in through the GCash app.

Demand was strong. Monzon said brokers placed orders for more than 2.65 billion shares against an allocation of 1.6 billion, which Rappler reported as 165.5%. The domestic offer ran from Oct. 6 to 12 after shares were priced on Oct. 1, The Manila Times reported.

The deal beat the previous Philippine IPO record of about P55.89 billion, set by food maker Monde Nissin in 2021.

Pricing and the debut

Entrepreneur Asia-Pacific, citing Bloomberg, reported that the P6.60 price was 34% below the P10 ceiling in Mynt's regulatory filing. The company's chief financial officer, Evelyn Ng, said the P10 figure was an administrative ceiling required for the listing application, not a target. The same report said the stock closed one centavo below the offer price, at P6.59, on its second trading day, Wednesday, Oct. 21.

The listing came during a weak market. Entrepreneur reported that the peso hit a record closing low of P63.361 to the U.S. dollar on Oct. 21, and that the PSE index, though up that day, was still down about 3.8% for the year. Globe Telecom is Mynt's largest shareholder, and other backers include Ayala Corp. and Ant Group, the report said.

What the company says comes next

"What started as an SMS-based money transfer service has grown into a platform that is part of Filipinos' everyday lives," Mynt president and CEO Martha Sazon said, according to Rappler. She added that nearly 90% of customers come from low- to middle-income households.

Rappler reported that GCash plans to use much of its proceeds to grow from a payments app into a broader financial platform offering savings, loans, insurance and investment products. The Manila Times reported that GCash has 41.5 million monthly active users.

Marcos praised the listing, saying more Filipinos can now invest in the stock market using their phones, according to The Manila Times.

Background: how e-wallets became everyday money

GCash is a big part of daily life in the Philippines. Rappler cited Bangko Sentral ng Pilipinas data showing digital transactions made up 64.7% of retail payments by volume in 2025, up from 57.4% in 2024. It also cited TransUnion's 2026 Credit Perception Index, which found that nearly half of Filipinos started their financial lives with an e-wallet. In Davao and across Mindanao, sari-sari stores, tricycle drivers and families receiving remittances use GCash routinely.

Analysis: what a record IPO does and doesn't mean

For the market. A large, well-known listing can bring new retail investors into a market that has struggled. The P1.1 billion raised inside the GCash app is small compared with the full deal, but it shows how many first-time investors can now buy shares on a phone. Whether that lasts depends on how GCASH performs after the excitement of the debut.

For the company. Since only about P10.6 billion was new money, the IPO was largely a chance for early backers to sell part of their stakes. That is common and not a warning sign in itself, but it means the growth plans depend on that smaller amount plus future earnings.

For users, including people with disabilities. Moving into loans, insurance and investing raises the stakes for consumer protection and for accessibility. For blind and low-vision Filipinos, an e-wallet is only as useful as its app is usable with a screen reader: labeled buttons, readable confirmation screens, accessible one-time-password flows, and verification steps that do not depend on sight alone. As GCash adds more complex financial products, those details matter more. A loan disclosure a screen-reader user cannot read is not fully informed consent.

For security. A bigger financial platform with tens of millions of users is a bigger target for scams. Rappler's related coverage of scam victims dropping fraud cases is a reminder that fraud protection and easy, accessible ways to report problems are part of whether these platforms can be trusted.

What's next

• Trading after the debut. Markets will watch whether GCASH holds or rises from its P6.60 offer price.
• Product expansion. Rollout of savings, lending, insurance and investment products funded by the IPO.
• Regulation. The BSP and Securities and Exchange Commission oversight as an e-wallet operator becomes a listed financial-services company.

The Chronicle will follow GCash's next steps, including how accessible its new products are.

Sources

• Rappler: "GCash debuts on stock market with record P60.9-B IPO" (Oct. 20, 2026)
• The Manila Times: "GCash parent makes PSE history with P60.9B IPO" (Oct. 21, 2026)
• Philippine Stock Exchange: Daily Quotation Report, Oct. 20, 2026 (PDF)
• Entrepreneur Asia-Pacific: "GCash Parent Mynt Edges Below IPO Price after a Record $967 Mn Listing"
• GMA News: "GCash parent Mynt closes at IPO price on market debut, raises P60.9 billion"