Mynt aims to raise up to $971m in Philippine IPO

By Divya Shah

Why it matters: The listing provides a benchmark for FinTech valuations in Southeast Asia and demonstrates how super-app models combining payments, lending, savings and investments can scale into large, publicly traded financial ecosystems.

Mynt, the parent company of digital wallet GCash, has set an IPO price at PHP 6.60 per share, valuing the company at $7 billion on the Philippine Stock Exchange (PSE). The FinTech company said the offer values Mynt at approximately $7 billion and is expected to raise $845 million (PHP 53 billion) through the sale of more than 8 billion common shares. 

Mynt added that if the overall commitment option is fully exercised, the offering could raise up to $971.3 million (PHP 60.9 billion). The offering is being underwritten by Morgan Stanley, J.P. Morgan Securities and UBS Singapore. 

The IPO has attracted strong interest from both domestic and international institutional investors and has been oversubscribed multiple times. 

GCash has become one of the Philippines’ FinTech platforms, offering digital payments, cross-border transfers, merchant payments, bill payments, credit, savings and investment services through a single app. 

The IPO process began in June when Mynt submitted its application to the Philippine Securities and Exchange Commission (SEC). The application received approval in September, when the company indicated a potential offer price of up to PHP10 per share, which could have valued the business at more than $10 billion. 

The retail and trading participant offer period is open until 12 October, with shares expected to begin trading on the Philippine Stock Exchange’s main board on 20 October under the ticker symbol GCASH. 

Mynt said the final timetable remains subject to regulatory approvals, market conditions and other customary requirements.