Mynt listing gives Philippines its largest IPO

Mynt Inc., the parent of GCash, debuted on the Philippine Stock Exchange on Tuesday after pricing its initial public offering at P6.60 a share, bringing the country’s largest e-wallet operator to public investors.

Reaction pending. The shares trade on the exchange’s main board under the ticker GCASH, giving Manila investors direct exposure to a payments platform widely used in the Philippines.

GCASH ticker tests Manila demand

Officials said the base offering is worth about P53 billion. A full exercise of the overallotment option would raise the deal to about P60.9 billion, a size described in the listing materials as the largest IPO in the Philippine market.

The debut follows demand from local and foreign investors, officials said. The listing gives the Philippine Stock Exchange a large consumer-finance name at a time when new equity supply can test domestic liquidity and appetite for growth companies.

For Mynt, the market test now shifts from IPO pricing to public trading. If GCASH holds near or above the P6.60 offer price, it would support the valuation set in the bookbuild; if it trades below that level, investors may reassess pricing for later Philippine listings.

By the close of trading on Oct. 20, investors will have the first read on whether the P6.60 offer price is being supported in the secondary market.