菲律宾GCash母公司Mynt马尼拉上市，募资609亿比索成菲国史上最大IPO，首日仅微涨2.4%

MANILA -- Fintech company Mynt, the parent of popular digital wallet GCash, listed on the Philippine Stock Exchange on Tuesday, marking the largest initial public offering in the country at 60.9 billion pesos ($965 million).
Trading under the ticker symbol GCASH, Mynt finalized its offering price at 6.60 Philippine pesos per share, lower than the initial 10 pesos price ceiling set in its preliminary prospectus. Despite the pricing change, strong global and domestic institutional demand left the cornerstone tranche oversubscribed by several times.
On the first day, trading opened at 6.6 pesos and rose as high as 6.76 pesos, up 2.4 percent at one point.
"Today, Mynt debuts with a market capitalization of 441.5 billion pesos, or about $7 billion. Based on yesterday's closing prices, it becomes the seventh largest domestic company in the PSE, further cementing its position as a fintech powerhouse," Ramon Monzon, Philippine Stock Exchange president, said at the listing event on Tuesday morning.
For Philippine President Ferdinand Marcos Jr, who was present at the trading floor of the local bourse for Mynt's market debut, the timing of the listing was "meaningful, as our stock market needs renewed investor interest and broader participation."
"We recognize that investors have become more cautious and that attracting fresh capital remains a challenge. But Mynt's initial public offering gives us reason for optimism," Marcos said.
As it is, the offering consists of 8.03 billion shares, comprising 1.61 billion primary shares and 6.42 billion secondary shares held by selling shareholders.
If the overallotment option of 1.2 billion secondary shares is fully exercised, total proceeds will reach 60.9 billion pesos, officially making it the largest IPO in Philippine history, surpassing food giant Monde Nissin's 55.9 billion pesos debut in 2021.
Local reports noted brokerages have indicated Mynt's IPO attracted strong demand, with some saying their share quota was more than 100% oversubscribed.
Market observers patiently waited when the digital wallet would list, as GCash already became a household name during the COVID-19 pandemic when Filipinos were forced to go cashless.
Mynt's listing, the first for the stock exchange this year, will jolt the Philippine market into action, which has suffered from sluggish trading volumes and modest liquidity.
The blockbuster listing drew premier international institutional investors, including BlackRock, T. Rowe Price, Lazard Asset Management, and the International Finance Corporation, alongside strategic anchors Ant International, Mitsubishi UFJ Financial Group, Warburg Pincus, and Globe Telecom.
Mitsubishi Corp. owns 6.5% of Mynt's shares after hammering out a deal with Ayala's AC Ventures in April 2025. Mynt is backed by among others Alibaba's Ant Group and MUFG Bank.
Unlike many tech companies around the region, Mynt has gone public with robust profitability. In 2025, the company reported net income of 17.2 billion pesos, with a revenue of 79.8 billion pesos.
Analysts view the market debut as beneficial for the Philippine Stock Exchange.
"Global and local investors are watching closely," said Jeff See, a trader at Manila-based Mercantile Securities, noting that Mynt's debut will generate interest if it "will be positive."
"As long as they make money for the investors," he added. "For sure there will be traction again for the local market."
Proceeds from the primary issuance will fund the expansion of their lending business, support technology infrastructure upgrades and finance cross-border payments expansion to cater to millions of overseas Filipino workers.
GCash was launched in 2004 by telecommunications giant Globe Telecom as a text messaging-based money transfer service targeted at unbanked Filipinos. Following the creation of Mynt in 2015 to house Globe's fintech ventures and a pivotal 2017 partnership with Ant Group, GCash has since transformed into a smartphone-first mobile wallet platform.
GCash said it has over 94 million registered accounts and roughly 41 million monthly active users, representing nearly a third of the nation's population.
The app has evolved beyond basic transfers and bill payments into a comprehensive financial ecosystem offering microlending, digital savings, insurance, stock trading and international remittances. Its widespread merchant network covers more than 6 million microentrepreneurs, street vendors and major commercial retailers nationwide.
Additional reporting by Ella Hermonio.