Mynt gets greenlight for up to $1.5B offering, shares to trade as ‘GCASH’ from Oct. 20
MANILA: The Philippines’ most anticipated stock-market debut has cleared a major regulatory hurdle, opening the door for ordinary Filipinos to become shareholders of the company behind GCash.
The Securities and Exchange Commission (SEC) has approved on September 3 the registration statement of Mynt, the parent firm behind GCash, for an initial public offering (IPO) that could be worth as much as ₱92.32 billion ($1.5 billion), equivalent .
The deal is set to become the largest IPO in Philippine history, surpassing the ₱55.89-billion offering of Monde Nissin in 2021.
Mynt could be valued at ₱669 billion ($10.9 billion), exceeding BDO Unibank’s ₱645.6 billion ($10.24 billio ) market capitalisation as of Sept. 7, 2026, the largest Philippine lender and main banking arm of the Sy family, according to Forbes, citing the maximum GCash IPO price.
While Mynt has a total of 2,579 headcount worldwide as of March 2026, 44.2% (from 1,789 employees in 2023), BDO has more than 47,000 employees.
The IPO is also breaking new ground for Philippine capital markets. Normally, large companies seeking to list must meet a higher public-float requirement.
But Mynt successfully sought a 12% minimum initial public float, below the standard 15%, under the SEC's new rules for companies with exceptionally large expected market capitalisations.
The SEC said Mynt’s expected initial market cap of ₱669 billion ($10.9 billion) stands well above the ₱200-billion threshold under Memorandum Circular No. 11, Series of 2026.
That means Mynt will become the first Philippine issuer to use this newly-eased public-float framework.
Mynt plans to offer up to 1.61 billion new shares, while a selling shareholder will offer as many as 6.42 billion existing shares.
An additional 1.20 billion shares may be made available through an overallotment option.
The maximum offer price is ₱10/share. If the overallotment option is fully exercised, the total offer could reach ₱92.32 billion (about $1.47 billion), while Mynt expects to receive about ₱14.95 billion in net proceeds from the primary offering.
The money will be used to expand its digital financial services, develop products and fund general corporate purposes.
Mynt is not simply another tech company going public. It owns GCash, which has evolved from a mobile-money service into one of the Philippines' most widely used financial platforms.
GCash began in 2004 as an SMS-based electronic money transfer service. It has since expanded into payments, remittances, savings, investments, insurance, lending and other financial services.
By the end of 2023, more than 94 million Filipinos had tried GCash, according to Mynt.
That enormous user base is one reason investors have treated Mynt differently from a conventional start-up.
A unicorn is a privately held start-up valued at at least $1 billion.
Mynt crossed that threshold and became the Philippines' first — and, at the time, only — $5-billion unicorn after securing fresh investments from Ayala Corp. and Mitsubishi UFJ Financial Group (MUFG) in 2024.
The transaction more than doubled Mynt's previous $2-billion valuation in 2021 to $5 billion.
That valuation is now dwarfed by the value investors are being asked to assign to the company at its IPO.
Mynt's expected initial market capitalisation is approximately ₱668.96 billion, equivalent to roughly $10.7 billion at the exchange rate used in the SEC reporting.
In other words, Mynt is attempting to go public at more than twice its 2024 private-market valuation.
This is the question many GCash users, including overseas Filipino workers (OFWs) are asking. The important point is that you do not buy the IPO directly through the GCash app.
You buy shares through the Philippine capital-market infrastructure.
You need an account with a PSE-accredited stockbroker, either an online broker or a traditional brokerage.
The PSE says investors must first choose an accredited trading participant and open an account, after completing the broker's requirements and KYC procedures.
If you already have an online Philippine stock-trading account, you may already have what you need.
Step #2: Register for PSE EASy if you want to participate as a Local Small Investor
For retail investors, the key platform to watch is PSE EASy — the PSE Electronic Allocation System.
The platform was created specifically to allow Local Small Investors (LSIs) to subscribe to IPOs and follow-on offerings electronically.
Registration requires information such as a valid government ID, TIN and details of your stockbroker.
The ₱10 figure is the maximum offer price, not necessarily the final price.
Mynt's prospectus timetable sets Oct. 1 as the pricing date, with notification of the final offer price to the PSE and SEC on Oct. 2.
So investors should wait for the final offer price before calculating how much money they need.
Step #4: Subscribe during the offer period
The current schedule gives investors an offer window of Oct. 6–12.
Through PSE EASy, eligible local small investors can submit their subscription and make payment electronically. PSE says its system supports online payment, although over-the-counter bank payment remains available.
Step #5: Don't assume you'll receive all the shares you request
