Mynt, Inc. ("Mynt"), the parent company of the group behind GCash, the Philippines’ number one finance super app, today began trading on the Main Board of the Philippine Stock Exchange (“PSE”) under the ticker GCASH, marking its transition into a public company and a landmark moment for Philippine digital finance and capital markets.
His Excellency President Ferdinand R. Marcos Jr. joined Ayala Corporation Chairman, Jaime Augusto Zobel de Ayala; Ayala Corporation President and CEO, Cezar Consing; Mynt Chairman, Ernest Cu; Mynt President and CEO, Martha Sazon; PSE President and CEO, Ramon S. Monzon, and other stakeholders at the ceremonial opening bell.
“Today marks a defining milestone for Mynt and the beginning of our next chapter as a public company. We have built GCash into a scaled and profitable business by solving everyday financial needs for Filipinos, and we believe the opportunity ahead remains significant. We are grateful for the trust of our customers, partners, employees and new shareholders. Our focus now is on deepening engagement across the GCash ecosystem, investing in technology-enabled growth, and translating our scale into sustainable value creation,” said Martha Sazon, President and CEO at Mynt.
The initial public offering (“IPO” or the “Offer”) comprised 8,027,409,600 Firm Shares at ₱6.60 per share, representing a gross offer size of approximately ₱53.0 billion. The Offer also includes an overallotment option of up to 1,204,111,400 secondary common shares, exercisable in whole or in part in accordance with the terms of the Offer. Assuming the overallotment option is exercised in full, the total gross offer size would increase to approximately ₱60.9 billion, which would make the Offer the largest IPO in the PSE.
“Over the last 22 years, GCash has grown from an SMS transfer service into one of the Philippines’ most important digital financial platforms. Its listing demonstrates what a Philippine technology company can achieve at scale and the value we can bring to all our stakeholders. As a public company, the responsibility is to build on that position with strong governance, disciplined execution and a long-term perspective,” said Ernest Cu, Chairman of Mynt.
The IPO attracted strong participation from leading global and domestic institutional investors, with the institutional tranche of the Offer multiple times oversubscribed during bookbuilding. Similarly, the Philippine Trading Participant tranche was also oversubscribed and recorded the highest take-up in terms of peso value.
Additionally, the Offer strengthened employee alignment with 80% of the total workforce becoming Mynt owners as of the IPO date.
Mynt intends to use the net IPO proceeds primarily to grow its Digital Financial Services business, which includes its CreditTech and WealthTech offerings, as it aims to deepen GCash’s role in the everyday lives of Filipino people.
Democratizing Capital Markets through GStocks PH
Underscoring Mynt’s vision of “Finance for All,” the IPO saw strong retail participation through GStocks PH, the stock trading platform offered by AB Capital Securities within the GCash app.
More than 140,000 users participated via GStocks PH, generating nearly ₱1.1 billion in order value and representing one of the largest retail investor mobilizations in Philippine capital market history through a single digital platform.
To ensure widespread and equitable retail access, GStocks provided entry at a minimum board lot of just 100 shares (₱660 or approximately US$10), with individual orders capped at 1,500 shares per user starting Day 3 and onward during the offer period to accommodate as many retail investors as possible.
Demonstrating deep ecosystem loyalty, the majority of retail participants have been GCash users for over two years, transitioning from digital app users into shareholders.