Mynt, Inc., the parent company of the group behind GCash, the Philippines’ number one finance super app, has begun trading on the Main Board of the Philippine Stock Exchange (PSE) under the ticker GCASH, marking its transition into a public company and a landmark moment for Philippine digital finance and capital markets.
President Ferdinand R. Marcos Jr. joined Ayala Corporation Chairman, Jaime Augusto Zobel de Ayala; Ayala Corporation President and CEO, Cezar Consing; Mynt Chairman, Ernest Cu; Mynt President and CEO, Martha Sazon; PSE President and CEO, Ramon S. Monzon; and other stakeholders at the ceremonial opening bell.
“Today marks a defining milestone for Mynt and the beginning of our next chapter as a public company. We have built GCash into a scaled and profitable business by solving everyday financial needs for Filipinos, and we believe the opportunity ahead remains significant,” said Martha Sazon, president and CEO of Mynt.
“We are grateful for the trust of our customers, partners, employees and new shareholders. Our focus now is on deepening engagement across the GCash ecosystem, investing in technology-enabled growth, and translating our scale into sustainable value creation.”
The initial public offering comprised 8,027,409,600 firm shares at P6.60 per share, representing a gross offer size of approximately P53.0 billion. The offer also includes an overallotment option of up to 1,204,111,400 secondary common shares, exercisable in whole or in part in accordance with the terms of the offer. Assuming the overallotment option is exercised in full, the total gross offer size would increase to approximately P60.9 billion, which would make the offer the largest IPO in the PSE.
Mynt intends to use the net IPO proceeds primarily to grow its Digital Financial Services business, which includes its CreditTech and WealthTech offerings, as it aims to deepen GCash’s role in the everyday lives of Filipino people.
Democratizing capital markets through GStocks PH
Underscoring Mynt’s vision of “Finance for All,” the IPO saw strong retail participation through GStocks PH, the stock trading platform offered by AB Capital Securities within the GCash app.
More than 140,000 users participated via GStocks PH, generating nearly P1.1 billion in order value and representing one of the largest retail investor mobilizations in Philippine capital market history through a single digital platform.
To ensure widespread and equitable retail access, GStocks provided entry at a minimum board lot of just 100 shares (P660 or approximately $10), with individual orders capped at 1,500 shares per user starting Day 3 and onward during the offer period to accommodate as many retail investors as possible.
Demonstrating deep ecosystem loyalty, the majority of retail participants have been GCash users for over two years, transitioning from digital app users into shareholders.
What’s next for GCash?
Following its listing, Mynt plans to pursue a “go deep and go wide” strategy, expanding its reach to underserved communities while developing more services for existing users.
“Half of the Filipino population are still excluded from the formal financial system. So these are the Filipinos who are front and center and we will try to penetrate that. These are people outside Metro Manila. So what we’ll be doing is we will be conducting micro-marketing activities. We will also be trying to activate the B2B space so that we can build communities,” Joseph Samuel Tang, GCash’s head of Investor Relations, said in a media conference.
The company also plans to deepen customer engagement through everyday services such as GCommute, which enables commuters to pay for train rides using QR codes, and offerings for overseas Filipino workers that allow them to access GCash wallets through international mobile numbers.
Financial literacy will remain part of its expansion efforts, with in-app learning resources and community-based programs intended to help Filipinos understand saving and investing.
“We want to make sure that we continue our mission in educating customers nationwide,” Darvin Sy Su, general manager for Wealth Management at GCash, said.
Mynt also confirmed that a digital banking license remains under consideration, although its existing business model allows it to expand its digital financial services without one. The company expects to provide further business updates during its first analyst briefing, scheduled next month.
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