Mynt, the company behind GCash, lists on the Main Board of the Philippine Stock Exchange (PSE) today, October 20th, under the ticker GCASH. It priced its shares at Php 6.60 (about $0.10) each, for a base offer of about Php 53.0 billion (about $840 million), Mynt says. Mynt says that if its overallotment option is fully exercised, the offer would reach about Php 60.9 billion (about $970 million), making it the largest IPO in Philippine history.
Part of the IPO ran through the Gcash app itself. From October 6th to 12th, GCash users could open GStocks PH, the in-app stock service offered by broker AB Capital Securities, move money from their wallet and buy from 100 shares, or Php 660 (about $10). No bank account or separate broker needed; orders on the first two days got their first 100 shares allocated in real time, while shares lasted.
Small investors on the PSE’s own online system, PSE EASy, faced a 1,000-share minimum, or Php 6,600 (about $105). The app asked for a tenth of that.
GCash started in back 2004 as an SMS text money transfer service under Globe Telecom, and its mobile app arrived in 2012. QR payments followed in 2017. GCash now says 94 million Filipinos use it, and Mynt’s own site notes the name is “even used as a verb across the country.”
Big institutions committed early. Mynt’s release from the first day of the offer says more than 20 of them, including BlackRock-managed funds and the World Bank Group’s IFC, account for 70% of the allocation.
The PSE says in its listing notice that 66.9 billion Mynt shares go on the board, which values the company at about Php 441.5 billion (about $7 billion) at the offer price. Only about 8.45 billion can trade at first; the rest are locked up for 180 days, a small batch for a year.
In 2024, Mynt says, it became the Philippines’ first $5 billion (about Php 315 billion) unicorn, with major investments from Ayala and MUFG.
