The initial public offering of Mynt Inc., the company behind leading digital wallet GCash, has drawn overwhelming demand from investors, with many brokers reporting subscriptions far exceeding the shares available. The offer period officially closed on Monday, marking what is set to become the largest public listing in Philippine stock market history.
Retail and domestic investors have shown extraordinary interest, with the 2.41 billion shares set aside for this group seeing heavy oversubscription. Brokerage firms reported strong figures: AB Capital Securities, which accepts applications directly through the GCash app, said its share allocation was nearly twice subscribed, while Regina Capital and Development Corp. saw demand reach four times the number of shares it could offer. COL Financial Inc. also noted massive enthusiasm among retail investors, boosted by confirmation that around 22 cornerstone investors have already committed to joining the offering.
April Lynn Tan, head of research at COL Financial, explained that investor confidence was lifted not just by the company’s strong market position but also by what many consider an attractive price point of P6.60 per share. The pricing assumes Mynt can deliver steady growth — 15 percent annually from its 2025 net income of P17.15 billion, or 25 percent each year from 2026 through 2028 — targets that analysts say align well with the company’s proven track record.
Beyond the immediate demand, the IPO underscores GCash’s significance as a market leader with plenty of room to grow. With 41.5 million monthly active users, the platform already serves more than a third of the country and half its adult population, yet penetration still lags behind mature digital payment markets where adoption reaches 70 to 80 percent of adults. Lending services, too, have room to expand: only about 18 percent of monthly active users currently borrow through the app, representing just 7.5 million active borrowers. Mynt also plans to tap underserved merchant markets and strengthen its remittance services for overseas Filipinos, laying out clear paths for future expansion.
In total, Mynt is offering 9.23 billion shares, potentially raising up to P60.9 billion should the full over-allotment option be exercised. Even at the base offering size of 8.03 billion shares, the IPO is expected to generate P53 billion in proceeds — a milestone that reflects not just investor confidence, but the growing role of digital finance in the Philippines’ evolving economy.
