GCash operator Mynt authorizes IPO filing

MYNT, INC., the fintech company behind GCash, said its board of directors and shareholders had authorized the filing of a registration statement with the Securities and Exchange Commission (SEC) and a listing application with the Philippine Stock Exchange (PSE) as part of a potential initial public offering (IPO).

In a statement on Wednesday, Mynt said the planned offering would be equivalent to 12% of its total outstanding capital stock after the IPO.

The company said the shares to be offered would consist of both primary and secondary shares, with each common share carrying a par value of three centavos.

The development marks the first formal step toward the long-anticipated stock market debut of the operator of the country’s largest digital finance platform.

“The authorization of our board and shareholders allows us to work toward a potential public listing as the next step in Mynt’s growth journey, while continuing to focus on the priorities that have brought us to this point: serving customers, supporting merchants, strengthening our platform offering, and building the business for the long term,” Mynt President and Chief Executive Officer Martha M. Sazon said.

Any potential offering remains subject to market conditions, the company also said.

Mynt, a partnership among Globe Telecom, Inc., Ayala Corp. and Singapore-based digital payments and financial technology provider Ant International, operates GCash through wholly owned subsidiary G-Xchange, Inc. and also offers lending services through Fuse Financing, Inc.

Mynt became the country’s first double-unicorn startup after a 2021 funding round valued the company at more than $2 billion.

The company did not provide updated valuation estimates or fundraising targets in its latest disclosure. It had previously said it was targeting an $8-billion valuation for a potential IPO.

“We expect this deal to smash local equity fundraising records, and it will bring a good measure of excitement to the PSE,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.

For Toby Allan C. Arce, head of sales trading at Globalinks Securities and Stocks, Inc., a GCash IPO is likely to be one of the most anticipated public listings in recent years as it offers exposure to underrepresented segments on the local bourse.

“The local market has traditionally been dominated by banks, property developers, conglomerates, utilities, and consumer companies, while large-scale technology and fintech opportunities have been relatively scarce. GCash occupies a unique position at the intersection of payments, digital banking, lending, wealth management, insurance distribution, and financial inclusion,” he said.

“The confirmation that Mynt will finally proceed with its PSE listing is a welcome development and signals a notable shift in market sentiment. We believe Mynt’s decision to push through could encourage other companies to brave the market and file their own offerings,” DragonFi Securities equity research analyst Jarrod Leighton M. Tin said in a Viber message.

Investors appeared to welcome the development, with Globe shares climbing 5.05% or P87 to close at P1,809 on Wednesday. The stock ended the session near its 52-week high of P1,860 after trading as high as P1,823 during the day.

The PSE missed its listing target for the second straight year in 2025. It recorded only two IPOs last year, below its target of six and down from three in 2024.

For this year, the bourse is targeting four listings, including the much-awaited debut of Mynt, as well as PNB Holdings Corp. (PHC), which plans to list by introduction.

For the first quarter, Globe’s equity earnings from fintech affiliate Mynt increased 8% to P1.9 billion. Globe said Mynt now accounts for 30% of its net income before tax. — Ashley Erika O. Jose