Mynt, the financial technology company behind the GCash e-wallet, listed on the Philippine Stock Exchange on Tuesday under the ticker GCASH after raising 60.9 billion pesos, about 966 million dollars, in the largest initial public offering in Philippine history. The shares opened at 6.63 pesos against an offer price of 6.60 pesos and traded higher in the first session, valuing the company at about 442 billion pesos.
The offer sold about 8.03 billion shares: 1.61 billion newly issued shares and 6.42 billion existing shares sold by current shareholders, with an overallotment of about 1.20 billion further secondary shares lifting the total from a base of about 53 billion pesos. That split matters for reading the headline. Most of the 60.9 billion pesos is an exit for existing holders, not new capital for the company; Mynt’s own proceeds come from the primary tranche, of which the prospectus allocates 60 percent to expanding its credit technology business and the rest to product development and general purposes.
Domestic cornerstone investors included ATRAM Trust, BPI Asset Management, China Bank Capital, Metrobank’s trust group, Philequity and RCBC Capital. The listing surpasses Monde Nissin’s 55.89 billion peso IPO in 2021, the previous record, and does so in a market foreign investors have been selling this year.
The strategic read is about the venue, not the first day’s premium. A GCash listing that prices and holds gives the Philippine exchange a working precedent for the technology listings behind it, including a data centre operator that has already pushed its own debut to next year, and it converts the country’s dominant payments platform from a subsidiary asset inside Globe and Ant Group structures into a directly priced public security.