GCash parent Mynt launches record P53 billion IPO on Philippine Stock Exchange

Mynt Inc., the firm behind the GCash digital wallet, went public on the Philippine Stock Exchange with a P53 billion initial public offering, the biggest in the country's history. Shares opened at the P6.60 price and the listing valued the company at roughly P441.5 billion, placing it among the top seven domestic firms on the exchange. The IPO comprised about 8.03 billion shares, with an overallotment option for another 1.2 billion, and attracted strong interest from nearly 200 institutional investors worldwide.

Local brokers placed orders for more than 2.65 billion shares, far surpassing the 1.6 billion share allocation. Mynt plans to allocate about 60 percent of the roughly P10 billion raised to grow its digital financial services, including lending through Fuse Financing Inc., and to develop new investment, insurance and merchant offerings. Additional capital will support product rollouts and general corporate purposes, while the company aims to broaden services for overseas Filipino workers and small businesses.