Mynt's GCash Selling Shareholders Set to Cash Out Up to 74 Billion Pesos in Record Philippine IPO
Existing shareholders in Mynt (PSE:GCASH), the parent of e-wallet operator GCash, are poised to net up to 62.5 billion Philippine pesos from the sale of their shares in the company's initial public offering, rising to up to 74.3 billion pesos if an overallotment option is fully exercised.The cash-out is part of a secondary offering of up to 6.42 billion shares, plus an overallotment of up to 1.2 billion more, according to an updated prospectus filed with the Philippine Securities and Exchange Commission.Selling shareholders include Advanced New Technologies (Singapore), a unit of Alibaba (HKG:9988) affiliate Ant International; ASP Philippines; Lion Fintech Investments; Insight PHP; LGVP; and a group of individual selling shareholders. Mynt itself will not receive any proceeds from the secondary offering.The wider offering of up to 8.03 billion common shares at a maximum price of 10 pesos each is expected to raise gross proceeds of up to 80.3 billion pesos, or up to 92.3 billion pesos if the overallotment is fully exercised.The primary offering consists of 1.61 billion common shares to be issued by Mynt. The company expects to book net proceeds of about 14.9 billion pesos, which it has earmarked for digital financial services growth, product development and general corporate purposes.More than 20 cornerstone investors have committed to the deal, including international investors BlackRock, Capital Research and Management, Citadel, HSBC Global Asset Management, the International Finance Corp. and Lazard Asset Management, alongside domestic investors including units of Philippine banks The Bank of the Philippine Islands or BPI (PSE:BPI), China Banking Corp. (PSE:CBC), Metropolitan Bank & Trust or Metrobank (PSE:MBT) and Rizal Commercial Banking or RCBC (PSE:RCB).Together, the cornerstone investors agreed to subscribe to 59.8% of the offer shares, or 68.8% if the overallotment option is exercised.The shares are expected to be priced on Oct. 1, with the final IPO price announced the next day. The offer period will run from Oct. 6 to Oct. 12, ahead of Mynt's planned PSE debut on Oct. 20 under the ticker GCASH.Mynt's strategic backers include Alibaba affiliate Ant International, Globe Telecom (PSE:GLO), Ayala Corp. (PSE:AC), Mitsubishi UFJ Financial Group (TYO:8306) and Mitsubishi Corp. (TYO:8058).As of June 30, Mynt reported 41.5 million monthly active users of GCash, representing roughly 56% of the Philippines' adult population. It processed over 17 trillion pesos in payment transactions in 2025, up from 13.3 trillion pesos in 2024.Net income in the first half of 2026 stood at 10.8 billion pesos, up from 10.1 billion pesos a year prior.The company has been granted a reduced minimum public ownership requirement of 12%.If completed near its IPO ceiling price, the deal would surpass Monde Nissin's (PSE:MONDE) 55.9 billion-peso IPO in 2021."I hope this landmark listing will pave the way for more fintech and digital economy firms to go public and raise capital through the equities market," said PSE President and CEO Ramon S. Monzon last week.
