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GCash parent Mynt prices record Philippine IPO

GCash parent Mynt prices record Philippine IPO

Money Moves

Mynt raises P60.9B in the Philippines' largest IPO; GCash closes flat on debut and slips on day two as analysts await third-quarter earnings

October 21st, 2026: GCash slips on second trading day

Overview

Updated Oct 22

Mynt raised 60.9 billion pesos and began trading on the Philippine Stock Exchange on October 20, the largest IPO in Philippine history. GCash shares closed their first session at the 6.60 peso offer price after touching 6.76, then slipped to 6.59 the next day.

Investors now wait for Mynt's third-quarter results, which parent Globe Telecom is expected to report in the second week of November. Abacus Securities said the risk of disappointment is high after a weak second quarter; COL Financial expects 2026 revenue of 91.7 billion pesos and net income of 20.4 billion.

Why it matters

GCash's debut tests whether a digital wallet with 41.5 million monthly users can justify a premium valuation and draw foreign investors back to Philippine stocks.

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Key Indicators

P10.6B
Primary proceeds to Mynt
From 1.61 billion primary shares, earmarked for expansion, CreditTech growth, product innovation, and general corporate needs.
P60.9B
Final IPO size
The overallotment option was exercised, lifting the deal above Monde Nissin's P55.89-billion IPO in 2021.
P441.51B
Market capitalization on October 20
The listing made Mynt the seventh-largest domestic company on the Philippine Stock Exchange.

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People Involved

Jarrod Tin
Jarrod Tin
Research analyst, DragonFi Securities
Tracking Mynt after its PSE debut
MS
Martha Sazon
President and CEO, Mynt
Led Mynt through its PSE listing on October 20
 Evelyn Ng
Evelyn Ng
Chief Financial Officer, Mynt
CFO of Mynt
 April Lynn Tan
April Lynn Tan
Head of research, COL Financial
Tracked retail demand for the GCash IPO
 Luis Limlingan
Luis Limlingan
Managing director, Regina Capital and Development Corp.
Reported his firm's IPO allocation four times oversubscribed
 Japhet Louis O. Tantiangco
Japhet Louis O. Tantiangco
Research manager, Philstocks Financial
Watching GCash's post-debut trading
TA
Toby Allan C. Arce
Head of sales trading, Globalinks Securities and Stocks
Says GCash's story now depends on earnings delivery

Organizations Involved

Mynt
Mynt
Financial technology company
Listed on the PSE on October 20; shares closed flat at P6.60 before slipping to P6.59 on October 21

Parent company of GCash, the Philippines' dominant mobile wallet.
GCash
GCash
Digital wallet
Trading on the PSE under ticker GCASH after its October 20 debut

The Philippines' leading digital wallet with about 41.5 million monthly active users.
Globe Telecom
Globe Telecom
Telecommunications company
Major Mynt shareholder; due to report Mynt's third-quarter results in the second week of November

One of the Philippines' largest telecommunications companies and a major Mynt shareholder.
Philippine Stock Exchange
Philippine Stock Exchange
Securities exchange
Listed Mynt on October 20 in the country's largest IPO

The country's main securities exchange, set to list GCash on October 20.
Securities and Exchange Commission of the Philippines
Securities and Exchange Commission of the Philippines
Regulatory agency
Approved Mynt's IPO under revised public float rules

The Philippines' securities regulator, which approved Mynt's IPO under a new 12% public float rule.
International Finance Corporation (IFC)
International Finance Corporation (IFC)
Development finance institution
Cornerstone investor in Mynt's IPO

The World Bank Group's private-sector investment arm, committing about 4.4 billion pesos to Mynt's listing.

Timeline

8 events Latest: October 21st, 2026 · 3 weeks ago
Tap a bar to jump to that date

  1. GCash slips on second trading day

    Latest Market

    Shares closed at P6.59, below the P6.60 offer price, after a flat debut.

  2. Shares begin trading on PSE

    Listing

    GCash opened at P6.60 and closed at the offer price after touching P6.76. The overallotment was exercised, lifting the IPO to P60.9 billion.

  3. Retail offer closes oversubscribed

    Offering

    The offer period ended with brokerages reporting oversubscription from about 165% to four times their allocations. Twenty cornerstone investors took part in the deal.

  4. Underwriter seeks larger allocation for Filipino retail investors

    Offering

    Mynt's underwriter pushes for a bigger share of the IPO for Filipino retail investors as local demand surges beyond expectations.

  5. Retail offer opens

    Offering

    Public investors can subscribe to shares from October 6 to October 12.

  6. Retail offer opens; demand crashes brokerage platforms

    Offering

    Day-one demand overwhelmed several Philippine online brokerage systems. More than 20 institutional investors, including funds tied to BlackRock, the International Finance Corporation, and BPI, had already committed to roughly 70% of the allocation.

  7. Mynt confirms final offer price of 6.60 pesos

    Announcement

    The company announces the pricing, keeping the deal on track for the Philippines' largest-ever IPO.

  8. Mynt prices IPO at 6.60 pesos per share

    Pricing

    Sources say the deal will raise about 53 billion pesos, with up to 60.9 billion if the overallotment is exercised.

Scenarios

1

GCash stock rises on debut, validating fintech premium

Deadline passed (Oct 20, 2026)

Discussed by: DragonFi Securities, institutional investors

If the stock closes above the 6.60 peso offer price on its first trading day, it would signal that investors accept the valuation and see GCash's user base as a durable moat. The institutional book was oversubscribed multiple times, which supports this outcome.

2

GCash stock falls below offer price on debut

Deadline passed (Oct 20, 2026)

Discussed by: DragonFi Securities analyst Jarrod Tin, market observers

Concerns about credit quality, with provisions at 44.1% of CreditTech revenue, and the below-index public float could weigh on the stock. A weak debut would suggest the pandemic-era growth narrative is not holding up in public markets.

3

Overallotment fully exercised, deal becomes Philippines' largest-ever

Possible Resolves by Nov 30, 2026

Discussed by: Reuters, LSEG data

If the overallotment option covering up to 1.2 billion additional shares is fully exercised, total proceeds reach about 60.9 billion pesos, making it the country's largest IPO on record, surpassing Monde Nissin's 2021 listing.

4

April lock-up expiry brings selling pressure

Possible Resolves by May 1, 2027

Discussed by: Abacus Securities

Abacus Securities advised keeping GCash positions small, saying the 6.60 peso offer price was close to the firm's fair-value estimate and that most locked-up shares become freely tradable in April 2027, which could weigh on the stock.

5

GCash falls below P6.60 after third-quarter earnings disappoint

Possible Resolves by Nov 30, 2026

Discussed by: Abacus Securities

Abacus said the risk of disappointment is higher because of the hype around the IPO and a second quarter that fell from the first. It advised buyers to wait for Globe Telecom's third-quarter release and briefing, expected in the second week of November.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

2021

Monde Nissin IPO (2021)

Monde Nissin, a Philippine food company, held the country's largest IPO in 2021, raising a record amount at the time. The deal became the benchmark for Philippine listings.

Then

The listing set the record for Philippine IPOs.

Now

It remained the largest on record until Mynt's 2026 deal.

Why this matters now

Mynt's IPO is measured against this record. At the base offer it ranks second; with the overallotment fully exercised it would surpass Monde Nissin.

2020-2021

GCash pandemic adoption surge (2020-2021)

GCash's user growth accelerated sharply during COVID-19 lockdowns, when cash handling became a health risk and government aid was disbursed through the app. The surge turned a telco-backed wallet into a national payments rail.

Then

The app's user base grew to tens of millions during the pandemic.

Now

The adoption created the user base Mynt is now monetizing through lending, insurance, and wealth products.

Why this matters now

The IPO bets that pandemic-era adoption is sticky, and that users who joined for necessity will stay for higher-margin financial products.

Sources

(26)
+20
Nikkei Asia Reuters The Manila Times Rappler Philstar Interaksyon BusinessMirror Philippine Daily Inquirer InsiderPH The Manila Times Philstar (The Freeman) Brief Asia Clurky Philippine Stock Exchange BusinessWorld Online The Wall Street Journal Rappler The Manila Times Philippine Daily Inquirer Philippine Daily Inquirer BusinessMirror Brief Asia InsiderPH Philippine Daily Inquirer BusinessMirror InsiderPH Philstar.com