Mynt Inc., operator of GCash, has drawn exceptionally strong domestic interest for its upcoming initial public offering, with state-run pension funds GSIS and SSS among those seeking shares, and lead arranger BDO Capital urging that more stock be set aside for local investors. BDO Capital president Ed Francisco noted demand is outpacing levels seen in past Philippine IPOs, and said the firm may reallocate shares from foreign to domestic investors to meet local interest. He called the response a positive sign that Filipinos are investing more, and expressed hope the strong showing will lift interest across the broader stock market.
Mynt opened its maiden share offer this week through Monday, targeting a Philippine Stock Exchange debut on October 20 under the ticker GCASH. The company is offering up to 9.23 billion shares at P10 each, comprising a base of 8.03 billion shares split between 1.61 billion primary and 6.42 billion secondary shares, plus a greenshoe option for an additional 1.2 billion secondary shares. The base offering is expected to raise P53 billion, rising to P60.9 billion if the over-allotment is fully exercised. Of gross primary proceeds totaling P10.6 billion, some 60 percent will go to expanding credit technology, 20 percent to product innovation, and 20 percent to general corporate purposes.
Mynt chief financial officer Evelyn Ng said the listing secures needed capital while giving the public a chance to own part of the country’s leading e-wallet provider. She confirmed strong backing from key strategic investors including Globe Telecom, Ayala Corporation, and MUFG, all of which remain committed to the company’s growth. Ng noted the firm leverages deep partnerships to scale operations, working closely with Globe on distribution and Ayala across its broader ecosystem to create shared value.
Mynt president Martha Sazon said the company has been central to expanding financial inclusion across the Philippines, with more than 90 percent of its user base coming from lower-income groups. The platform has helped push national financial inclusion to 50 percent, up from just 29 percent in 2019, though Sazon emphasized there is still much ground to cover. She said Mynt is well placed to keep growing, backed by a trusted brand, vast user base, and focus on new technology.
G-Xchange president Oscar Enrico Reyes, whose subsidiary runs the GCash platform, said the company will deepen engagement with current users and expand further by targeting overseas Filipinos and using tailored marketing strategies. Fuse Financing president and chief executive Tony Isidro meanwhile pointed to strong potential in the lending business, which counts 7.5 million active borrowers and a low non-performing loan rate of 4.9 percent, supported by a proprietary credit scoring system that delivers accurate risk assessment.
