GCash parent Mynt moves closer to Philippine IPO with board approval

[SINGAPORE] Mynt, the parent company of GCash, has made official its plans to file a hotly anticipated initial public offering.

On Wednesday (Jun 17), the company said that the board of directors and shareholders authorised the filing of a registration statement with the Philippines’ Securities and Exchange Commission (SEC) and a listing application with the Philippine Stock Exchange (PSE) in connection with a potential IPO. 

The terms of the offer will be equivalent to 12 per cent of Mynt’s total outstanding capital stock post-IPO, with each common share having a par value of 0.03 Philippine peso per common share. 

Wednesday’s announcement paves the way for Mynt to file an IPO prospectus, which reportedly could happen as early as this month.

The company said earlier this year that it would seek to list on the PSE in the second half of 2026. The Wall Street Journal reported on Tuesday, citing unnamed sources, that the listing would happen by the fourth quarter. 

Martha Sazon, president and CEO of Mynt, said in the announcement: “The authorisation of our board and shareholders allows us to work towards a potential public listing as the next step in Mynt’s growth journey.” 

The company is targeting to raise US$1 billion to US$1.5 billion with its IPO, benchmarking its valuation at up to US$9 billion.

Potential boost for PSE

The IPO has been mooted since late 2023, and a successful listing by Mynt could provide some positivity for the PSE, which has been struggling since last year. 

Jayden Vantarakis, the head of Asean equity research at Macquarie Capital, said that a Mynt listing on the PSE could help generate renewed interest in Philippine equities as its IPO may be seen as a “liquid, investible growth option”.

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In a bid to make its equities market more attractive to issuers, the Philippine SEC lowered its minimum free float to 15 per cent from 20 per cent earlier this year, with scope for exceptionally large listings to go as low as 12 per cent with regulatory approval.

“Many prospective issuers appear to have been waiting on the sidelines for two things – stronger market conditions and a marquee name to break the ice,” noted Jarrod Tin, equity research analyst at DragonFi Securities, a Philippines-based trading platform.

However, analysts also cautioned that Mynt would need significant liquidity, something the PSE has struggled with, to absorb its float.

Mynt owns GCash, the country’s biggest e-wallet operator. GCash started as an SMS-based local money-remittance service in 2004 and evolved to offer payment solutions, lending and other digital financial services. 

“We hope Mynt’s journey could also inspire Filipino companies and startups, fostering a spirit of innovation and entrepreneurship in the local tech community, all while promoting the Philippines as a vibrant hub for technology and fintech innovation in South-east Asia,” noted Sazon. 

Mynt’s biggest shareholder is telco operator Globe Telecom, which is owned by Ayala Corp, the Philippines’ oldest family conglomerate. Singapore’s telco operator Singtel holds a significant stake in Globe Telecom. 

Other shareholders of Mynt include China’s Ant Group and Japan’s Mitsubishi UFJ Financial Group. 

Additional reporting by Rachel Ranosa-Joshi