MANILA, Philippines – From an app on millions of Filipino smartphones to a ticker on the Philippine Stock Exchange (PSE), GCash made its landmark stock market debut on Tuesday, October 20, as its parent company Mynt listed on the bourse in a ceremony joined by President Ferdinand Marcos Jr.

The fintech giant began trading under the stock symbol GCASH, following an initial public offering (IPO) that attracted strong demand from domestic and foreign investors. (READ: For GCash’s early private equity backers, record IPO will be ultimate payday)

Mynt raised a record P60.9 billion from the sale of 9.23 billion shares priced at P6.60 apiece, including the fully exercised overallotment option. However, only P10.6 billion represented fresh capital for the company, while the remaining P50.3 billion came from secondary shares sold by existing investors. Around P1.1 billion in the IPO came from subscribers in the GCash app.

The offering surpassed the previous Philippine IPO record of P55.89 billion set by Monde Nissin in 2021. Mynt debuted with a market capitalization of P441.5 billion, or about $7 billion, making it the seventh-largest domestic company on the PSE, according to PSE president Ramon Monzon.

Investor demand was strong, with Monzon saying stockbrokers placed orders for more than 2.65 billion shares against their allocation of 1.6 billion, equivalent to 165.5%.

As of 10:30 am, or one hour after it listed, GCASH was trading at 6.73, about 2% higher than its P6.60 IPO price.

“What started as an SMS-based money transfer service has grown into a platform that is part of Filipinos’ everyday lives,” Mynt president and CEO Martha Sazon said, adding that nearly 90% of its customers come from low- to middle-income households.

GCash intends to use a large chunk of its IPO proceeds to evolve from being an e-wallet for sending money to a wider finance platform for savings, loans, insurance, and investment products.

Marcos, meanwhile, described the listing as a milestone for Philippine finance, noting how e-wallets had become essential to everyday transactions, particularly since the pandemic. He also stressed the need to attract fresh investor interest. (READ: PSE enters new territory with GCash’s IPO. But to thrive, it must go further.)

E-wallets have also cemented themselves in most Filipinos’ daily transactions. According to TransUnion’s 2026 Credit Perception Index, nearly half of all Filipinos reported starting their financial journeys with an e-wallet.

The listing comes as digital payments continue to gain ground. Bangko Sentral ng Pilipinas data show that digital transactions accounted for 64.7% of retail payments by volume in 2025, up from 57.4% in 2024. – Rappler.com