Mynt files for up to P92.3-B IPO, eyes Q4 debut

MYNT, Inc., the financial technology (fintech) company behind GCash, has filed a registration statement with the Securities and Exchange Commission (SEC) and a listing application with the Philippine Stock Exchange (PSE) for its proposed initial public offering (IPO), which is expected in the fourth quarter (Q4).

In a statement dated June 27, Mynt said the proposed offering will consist of up to 8.03 billion common shares, with an overallotment option of up to 1.20 billion additional secondary common shares.

The firm offer will comprise up to 1.61 billion newly issued common shares under the primary offer and up to 6.42 billion existing common shares to be sold by current shareholders through a secondary offer.

For purposes of its SEC registration, Mynt used an offer price of up to P10 per share, under which the proposed offering could raise gross proceeds of as much as P92.3 billion if the overallotment option is fully exercised.

The final offer price will be determined through a book-building process.

According to the company’s draft preliminary prospectus, the offer period is scheduled for Oct. 5 to 9. The proposed offering remains subject to regulatory approvals, market conditions, final pricing, and other applicable approvals.

Upon completion of the offering, Mynt expects to have about 66.9 billion outstanding common shares. The firm offer will represent about 12% of the company’s issued and outstanding capital stock, increasing to about 13.8% if the overallotment option is fully exercised.

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

For the year ended Dec. 31, 2025, Mynt posted revenues of P79.8 billion and net income of P17.2 billion.

GCash recorded 39.1 million monthly active users in 2025 and processed P17 trillion in gross transaction value for payment solutions during the year. The platform also averaged 56.7 million transactions per day, according to the company.

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

For the first quarter, Globe reported that equity earnings from fintech affiliate Mynt rose 8% to P1.9 billion.

The listed telecommunications company also said Mynt accounted for 30% of its net income before tax during the period.

“GCash has become an indispensable part of everyday life for millions of Filipinos. From 90 million registered users, today about 40 million now actively use the platform every month, representing nearly half of the country’s adult population. Roughly 78% of GCash users reside outside Metro Manila, and 92% belong to lower-income groups. This reflects our belief that there is good business in doing good, and that our growth is most meaningful when it creates lasting impact for more people,” Mynt President and Chief Executive Officer Martha M. Sazon said.

“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 added.

Mynt appointed Morgan Stanley & Co. International PLC, JP Morgan Securities plc, and UBS AG Singapore Branch as joint global coordinators for the offering.

Jefferies Singapore Ltd. will serve as international joint bookrunner, while BPI Capital Corp. and BDO Capital & Investment Corp. will act as domestic lead underwriters. The firms will collectively serve as joint bookrunners for the proposed IPO. — Alexandria Grace C. Magno