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Shares of Mynt, owner of GCash, edge higher after record Philippine IPO

Mynt, operator of the GCash wallet, raised 60.9 billion pesos in the largest IPO on record in the Philippines. Shares rose 0.5% on debut while the PSE index fell 0.2%.

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what happened

Shares of Mynt, the company behind the GCash mobile wallet, rose 0.5% on Tuesday in their market debut. The stock opened at 6.63 pesos against a 6.60 peso offer price, while the Philippine Stock Exchange index lost 0.2% the same day, Reuters reported.

The company raised 60.9 billion pesos (about $966.99 million), the largest IPO on record in the Philippines, overtaking Monde Nissin's 52.2 billion peso listing in 2021. The deal grew from 53 billion pesos after an overallotment option was exercised. More than 20 cornerstone investors committed about $500 million, nearly 60% of the base deal, including BlackRock, Citadel, Fidelity International and the International Finance Corp. According to the prospectus, proceeds from new shares will fund digital financial services, product development and general corporate needs.

GCash is the country's largest finance app, with 41.5 million monthly active users in the three months to June 30, close to 56% of the adult population. Users completed payments worth 9.84 trillion pesos in the first half of 2026. Net income for the six months to June 30 rose 7.3% to 10.82 billion pesos, and revenue climbed 10.4% to 43.27 billion pesos.

why it matters

The deal matters for the Philippine capital market as a gauge of investor appetite for fintech. The modest first-day gain suggests there was no rush for the shares, and the broader index fell that day. Future performance will depend on how quickly Mynt can keep growing profit and revenue.

market impact

Philippine market: record IPO and large cornerstone investors support interest in fintech shares

tags

IPOStockPhilippines

instruments

MyntPSE indexUSD/PHP

sources

  1. GCash owner Mynt edges higher after record Philippine IPO — Reuters, 20 October 2026 at 01:34 UTC
  2. GCash owner Mynt's shares inch higher after record Philippine IPO — Reuters, 20 October 2026 at 01:42 UTC

prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.

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