Mynt is trying to turn GCash into the Philippines' biggest IPO, and the hard question is not whether users love the app. It is whether public investors will pay private market prices for Southeast Asian fintech again.
Ninety-four million Filipinos use GCash to pay bills, move money, borrow, save, insure, and invest from the same phone screen. That's real scale. Now the company behind it wants public market investors to put a price on all of that. The Wall Street Journal reported that Mynt, formally Globe Fintech Innovations, has submitted its application to list on the main board of the Philippine Stock Exchange. The listing is expected in the fourth quarter of 2026. Bloomberg reported that the offer could raise as much as 92.3 billion pesos, roughly $1.5 billion, at the top of its indicative range. If it lands there, it would pass Monde Nissin's 48.6 billion peso listing from 2021 and become the largest IPO the Philippines has ever seen.
You don't build a fintech that size by accident. GCash processed 17 trillion pesos in gross transaction value in 2025, according to figures cited by the Wall Street Journal, and BusinessWorld reported from the company's filings that Mynt generated 79.8 billion pesos in revenue and 17.2 billion pesos in net income. Those numbers matter because this isn't a payments app asking investors to believe in distant monetization. It already makes money. The app has pushed well past wallet transfers into lending, insurance, savings, and investment products, while its link to Ant Group's Alipay+ network gives it cross-border reach in more than 220 countries and territories.
Ownership tells its own story. Globe Telecom owns about 34% of Mynt, Ant International holds more than 30%, and Mitsubishi UFJ Financial Group and Warburg Pincus sit elsewhere on the cap table. For Ant, a Philippine listing gives one of its overseas fintech bets a public market price after Beijing blocked Ant's own giant IPO in 2020. For Globe, it is a chance to show that a telecom can produce something far more valuable than another subscriber bundle.
The Price Is The Test
The offer still has to be priced. Mynt's indicative ceiling of 10 pesos a share implies a valuation near 670 billion pesos, or about $11 billion, above the roughly $8 billion figure that circulated when the company first authorized the filing in June. Big jump. Philstar reported on July 6 that the final book-building process, not the headline ceiling, will decide whether the deal is judged a success. Price it too high and the stock can limp on debut. Price it too low and Mynt leaves money on the table just as Ant and Globe have a chance to realize value.
Frankly, that's the more important story than the record label. A giant IPO can still disappoint if the first trade tells investors the bankers squeezed too hard. Manila has seen enough offerings open with noise and then drift lower. Mynt has the cleaner argument because it brings users and profit - the kind of product Filipinos actually use every day. But public markets are less patient than private rounds. They don't pay for romance if the multiple looks stretched.
A Test For The Whole Region
Zoom out and the stakes go beyond one company. Southeast Asia's IPO market has been uneven, and Deloitte has described the region as moving toward fewer but larger listings. That is exactly why Mynt matters. A single GCash deal at the top of its range would be enormous for Manila and meaningful for the region, even if it barely registers beside the United States, where 2026 has already been shaped by giant offerings including SpaceX's June listing.
You should read Mynt less as a local wallet story and more as a pricing test for profitable emerging market fintech. Grab found that out the hard way. Its rocky public-market performance after the 2021 listing left a mark on the region's technology names, and investors learned that app scale, subsidies and big addressable-market language don't automatically make a good public company. Mynt walks in with a different case: 94 million users, 17 trillion pesos of 2025 transaction value. And it's already profitable.
Morgan Stanley, J.P. Morgan and BPI Capital are advising the deal, according to the Wall Street Journal. Bloomberg reports UBS and Jefferies have roles too. What follows is roadshows and regulatory sign-off - then the quiet work of finding cornerstone demand. That's where the record gets made or cut down to size.
If GCash prices cleanly, Southeast Asian fintech gets a useful proof point at exactly the moment investors are asking harder questions. If it has to be pulled back, the message is just as clear. Public investors may like the app. They don't have to like the price.
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