Mynt shares edge higher after about $967m Philippine IPO

Mynt shares rose 0.5% on Tuesday, Oct. 20, after the GCash operator raised 60.9 billion pesos ($966.99 million) in the Philippines’ largest initial public offering, Channel NewsAsia reported.

The debut gives Manila a rare large technology listing after Mynt’s offer topped Monde Nissin’s 52.2 billion-peso IPO in 2021, according to LSEG-compiled data cited in the report.

The stock opened at 6.63 pesos, compared with the 6.60-peso offer price. The Philippine Stock Exchange index fell 0.2% on the same day.

Mynt sold 8.03 billion shares at 6.60 pesos each. An overallotment option, which allows extra shares to be sold when demand supports it, lifted the final deal size from a base offer of 53 billion pesos to 60.9 billion pesos.

The IPO included new shares and existing investor stock, according to Mynt’s prospectus cited in the report. Money from newly issued shares goes to Mynt, while proceeds from secondary shares go to selling shareholders.

The company said the IPO drew more than 20 cornerstone investors, which committed about $500 million, equal to almost 60% of the base transaction. The investor list included BlackRock, Citadel, Fidelity International and the International Finance Corp., according to the company.

Mynt plans to use the new-share proceeds for expansion in digital financial services, product development and general corporate purposes, according to its prospectus. The company is backed by Globe Telecom, Ant Group and Ayala Corp.

GCash is described in the prospectus as the Philippines’ largest finance app. It offers payments, remittances, lending, savings, investments and insurance products.

The platform had 41.5 million monthly active users in the three months ended June 30, equal to nearly 56% of the Philippines’ adult population, according to the prospectus. GCash users completed 9.84 trillion pesos of payment transactions in the first half of 2026.

Mynt reported 10.82 billion pesos of net income in the six months ended June 30, up 7.3% from a year earlier. Revenue rose 10.4% year on year to 43.27 billion pesos for the same period.

Atlas360 reported on Oct. 18 that Mynt’s listing was set to be Southeast Asia’s largest debut of 2026 and would test demand for profitable technology issuers after regional IPO proceeds fell 9% in the first nine months of the year.