Mynt has asked Philippine regulators to approve an IPO that could raise up to $1.5 billion, and if investors meet the price, GCash's parent will set a new record for the country's stock market.
Mynt Inc. is no longer just talking about a listing. On June 27, the company behind GCash submitted its application to list on the main board of the Philippine Stock Exchange, with a fourth-quarter 2026 debut in view. You don't file paperwork like that quietly. The Wall Street Journal reported that the Ant International-backed fintech plans to offer up to 12% of its shares, with the final price still subject to book-building. At the top end, the deal could raise about $1.5 billion.
That would beat the country's current record holder by a wide margin. Monde Nissin raised about $1 billion when it listed in 2021. Mynt is chasing a bigger number with a business that already sits inside millions of daily transactions, not a pitch deck promising scale sometime later.
Here's the thing that makes this listing worth watching. GCash isn't a small wallet hoping public investors will fund its next phase. According to the Journal, the platform served 94 million users and processed 17 trillion pesos, or about $277 billion, in gross transaction value in 2025. It handled an average of 56.7 million transactions a day. Those figures put GCash into the everyday machinery of the Philippine economy: bills, transfers, merchant payments, savings, credit, investment products and insurance sitting inside one app.
That matters more than the unicorn label. Frankly, the label is the least interesting part. Globe Telecom, which launched the original G-Cash service in 2004, owns about 34% of Mynt. Ant International owns more than 30%, according to the Journal, and other backers include Mitsubishi UFJ Financial Group and Warburg Pincus. This isn't a local wallet trying to dress itself up as a global fintech story. It already has the strategic investors and the transaction volume. Now it has to prove the public market wants the same thing.
The record isn't locked in yet
Filing is not pricing. The Securities and Exchange Commission still has to clear the offer. Institutional and retail investors still have to put real orders behind the valuation. A maximum indicative raise is a ceiling, not a promise, and IPOs that look enormous in a filing can still be cut down once bankers test demand against a live order book.
That is the risk here. The company is trying to list during a market still sensitive to global volatility, rate expectations and the uneven appetite for technology names. Mynt does have one advantage many fintech listings lacked over the past few years: it can point to actual usage at national scale. Investors don't have to imagine whether Filipinos use GCash. They already do.
The Philippine market also has to absorb what a listing this large would mean. A company raising anything close to $1.5 billion would not be another small addition to the board. It would arrive as one of the most visible stocks in Manila from day one, with index funds, local institutions and retail investors all having to decide how much exposure they want to a payments platform tied closely to consumer spending and digital finance. That's not a quiet debut.
Why investors will care
Most fintech IPO stories ask you to believe growth will eventually turn into earnings power. Mynt is coming with a cleaner argument: the wallet is already embedded in daily life, and the transaction base is already large enough to measure in trillions of pesos. That's a stronger hand.
It still doesn't make the deal automatic. Public investors will look at competition from banks, card networks and rival wallets. They will look at regulation, fraud controls, take rates and how much revenue Mynt can keep as the app adds more financial services. They will also ask whether a wallet with 94 million users can keep growing fast enough after it has already reached so much of the country.
If the IPO prices near the top, it won't just set a Philippine record. It will give other emerging-market wallet operators a real public-market comparison, from Southeast Asia to Africa, where mobile money and superapp companies keep arguing that everyday transaction volume deserves serious valuations. Mynt is about to test that argument in the open market.
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