Mynt Files Prospectus for $1.5 Billion IPO Planned for October

Mynt, the operator of the GCash e-wallet, filed a preliminary prospectus over the weekend for an initial public offering scheduled for October. The company plans to sell up to 9.23 billion shares at a maximum price of 10 pesos each, including an overallotment option of 1.2 billion shares, to raise 92.3 billion pesos, or $1.5 billion.

At the top end of the price range, Mynt would reach a valuation of 669 billion pesos, or $10.9 billion.

That figure exceeds the 645.6 billion peso market capitalization of BDO Unibank, the country's largest lender. Mynt will receive 30 percent of the gross proceeds. The remaining 70 percent will go to selling shareholders that include company executives, Ant Financial, and funds managed by Warburg Pincus and LGVP Capital Partners.

The company intends to allocate 14.9 billion pesos of its share of the proceeds to expand its lending portfolio, increase cash reserves, and develop new products. GCash recorded 90 million registered users and roughly 40 million monthly active users as of the filing. Transaction volume on the platform rose 28 percent to 17 trillion pesos in 2025.

Mynt reported net income of 17.3 billion pesos for the year, up 56 percent from 2024, while revenue increased 27 percent to 79.8 billion pesos. GCash was launched by Globe Telecom in 2004 as a text-messaging payments service. Globe Telecom is jointly owned by Ayala Corp.

And Singapore's Singtel. , founded in 1834, operates in banking, energy, utilities, and real estate and is listed on the Manila exchange. Mynt's other shareholders include Japan's MUFG Bank. "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," Mynt CEO Martha Sazon said.