PSE clears Mynt for a 92.32 billion-peso IPO, the Philippines' largest if it hits the cap
On September 17, 2026, the Philippine Stock Exchange approved Mynt's listing of up to 9.23 billion GCash-operator shares at a 10-peso cap, a 92.32 billion-peso IPO with an expected October 20 debut.
The Philippine Stock Exchange has cleared Mynt, operator of the GCash wallet, to list in an offering that would raise as much as 92.32 billion pesos, about $1.47 billion, at a 10-peso cap, enough to pass Monde Nissin's 55.89 billion-peso record from 2021. That price would value the company at 668.96 billion pesos.
Four-fifths of the 8.03 billion-share base offer is a sale by existing holders: up to 6.42 billion shares from current shareholders, and only 1.61 billion newly issued into Mynt.
GCash had 39.1 million monthly active users in 2025 and processed 17 trillion pesos in payment transaction value.
Globe Telecom disclosed on Friday that Mynt received the exchange's Notice of Approval on Thursday, covering the 8.03 billion common shares plus an overallotment of as many as 1.20 billion secondary shares, subject to conditions. If that option is fully used, the public float would be 13.8%. Pricing is due October 1, with a tentative listing on October 20 under the ticker GCASH.
Two gates are still shut. The Philippine Securities and Exchange Commission has issued a pre-effective letter but not a Permit to Sell. Globe said the deal remains subject to final offer terms, internal consents and market conditions, and that there will be no public offering of Mynt securities in the United States.
Globe Capital Venture Holdings, wholly owned by Globe Telecom, holds 33.84%. Ant International Technologies (Singapore) holds 21.44%. AM 50 Ventures, split evenly between Ayala Corporation and Mitsubishi Corporation, holds 13.02%. MUFG Bank holds 8.05%. Those four are keeping their stakes; other existing holders are selling the secondary shares.
A U.S.-listed Philippines equity fund, iShares MSCI Philippines ETF EPHE, does not hold Mynt. Its closest Mynt-related position is Ayala Corp. at 2.18% as of Friday.
If the deal prices, October 20 is when GCASH starts trading in Manila. The PSE's revised index rules require 12 months on the main board, or six months for early inclusion, before a new listing can enter the PSEi.
Frequently asked
How big is the deal?
Up to 92.32 billion pesos, about $1.47 billion, at the 10-peso cap, which would value Mynt at 668.96 billion pesos.
How much of the company will actually trade?
If the overallotment is fully exercised, the public float would be 13.8%.
What still has to happen before trading starts?
The Philippine SEC must issue a Permit to Sell, and the deal is still subject to final offer terms, internal consents and market conditions.
Can Philippines-focused ETF investors get exposure now?
The iShares MSCI Philippines ETF does not hold Mynt; its closest related position is Ayala Corp. at 2.18%.
When could GCASH join the PSEi?
Index rules require 12 months on the main board, or six months for early inclusion.