Mynt, the company behind GCash, has formally started plans to list on the Philippine Stock Exchange after its board approved the filing of a registration statement with the Securities and Exchange Commission and a listing application with the Philippine Stock Exchange, potentially kicking off the country’s biggest-ever IPO.
Under the proposed transaction, Mynt plans to sell shares equivalent to 12% of its outstanding stock through a mix of primary and secondary shares. According to a Wall Street Journal report, the offering is targeting around $1 billion, which would surpass every previous equity fundraise on the PSE.
Mynt is backed by Globe Telecom and China’s Ant Group, which each own roughly a third of the company, alongside Japan’s MUFG Bank, Ayala Corp., and Mitsubishi Corp. Globe Telecom separately disclosed the board approval in compliance with its own disclosure obligations.
Mynt President and CEO Martha Sazon said in a statement: “Mynt has evolved from an e-wallet operator into the Philippines’ number one finance superapp and largest cashless ecosystem. The authorization of our board and shareholders allows us to work toward a potential public listing as the next step in Mynt’s growth journey, while continuing to focus on the priorities that have brought us to this point: serving customers, supporting merchants, strengthening our platform offering, and building the business for the long term.”
Juan Paolo Colet, managing director at China Bank Capital, told InsiderPH: “This is our market’s SpaceX moment. We expect this deal to smash local equity fundraising records, and it will bring a good measure of excitement to the PSE.”
GCash traces its roots to an SMS-based money transfer service launched in 2004. Growth picked up after Ant Group entered as an investor in 2017 and surged further during the pandemic as millions of Filipinos shifted to digital payments. The platform now serves 94 million users and has expanded well past money transfers into lending, savings, investments, and insurance.
If the listing goes through, retail investors in the Philippines could buy GCash shares through local brokers and apps like GStocks – the same platform GCash already uses to let users invest in PSE-listed stocks.
Mynt said the planned listing remains subject to regulatory approvals, market conditions, and other customary requirements, and that it will disclose further details at the appropriate time.
