It is considered the biggest in the local stock exchange’s history.
On Tuesday, October 20, Mynt, Inc., the parent firm of fintech giant GCash, made the largest maiden offering at the Philippine Stock Exchange as it debuted on the main board with the ticker GCASH.
The company listed with a market capitalization of PHP 441.51 billion, making it the seventh largest domestic company in the PSE. It also notably surpassed the initial public offering of Monde Nissin Corp. in 2021.
Mynt was able to raise PHP 60.9 billion from the sale of primary and secondary shares, with 140,725 GCash subscribers having invested PHP 1.1 billion in this IPO through the GCash app.
“This is what market inclusion looks like: technology giving more Filipinos a stake in the growth of the businesses they rely on every day,” said PSE President and CEO Ramon Monzon in a statement.
It was also disclosed that proceeds from the primary share sale will be utilized to fund GCash’s digital financial services growth initiatives, product development, and general corporate purposes.
Monzon also called the maiden offering as a significant catalyst for the Philippine equities market.
“By renewing the confidence of domestic and international investors, it demonstrates the value that a listing on the Exchange offers to companies of every size, from emerging SMEs to established conglomerates: access to long-term capital, deeper market liquidity, and the institutional discipline that sustains growth,” he said.
Meanwhile, President Ferdinand Marcos Jr. on Tuesday was also present at the historic listing of Mynt, Inc. and called the occasion as a “significant achievement” demonstrating world-class innovation can be built and scaled in the Philippines.
“The strong interest it has attracted from local and international investors is proof of the continued confidence in Filipino enterprises,” the Chief Executive also said.
Meanwhile, Marcos also reaffirmed his administration’s commitment to strengthening the Philippine capital market and cited measures such as the Capital Markets Efficiency Promotion Act (CMEPA), which reduced the stock transaction tax from 0.6 percent to 0.1 percent, alongside Securities and Exchange Commission reforms aimed at improving market liquidity and investor participation.
The President also expressed hope that Mynt’s listing would encourage more Filipino companies and innovators to raise capital locally, expand their operations, generate employment, and contribute to economic growth.
He then urged the private sector to continue supporting homegrown enterprises and emerging technologies that create opportunities and improve Filipino lives.
“May this milestone mark the beginning of greater opportunities for Filipino enterprises, renewed confidence in our capital market, and broader participation in our country’s economic growth,” Marcos added.
Meanwhile, in a previous statement ahead of the IPO, Mynt’s Chief Financial Officer Evelyn Ng told: ““The depth and quality of demand we have seen through this process reflects investor confidence in Mynt’s growth story. We have sought to maintain meaningful access for Filipino investors as we transition to a public company.”
Apart from GCash, Mynt also operates G-Xchange, Inc., the payments company for GCash responsible for the digital payments and electronic money activities in the GCash app, and Fuse Financing, Inc., the financing company for GCash that provides a range of fair and digitally-enabled credit products and solutions.
