Shares of Mynt Inc., the parent firm behind dominant e-wallet operator GCash, closed unchanged at P6.60 per share during its trading debut Tuesday on the Philippine Stock Exchange, marking a historic milestone as the country’s largest initial public offering to date. The stock opened at its offer price of P6.60 and reached an intraday high of P6.76 before closing flat amid selling pressure, while the benchmark Philippine Stock Exchange index edged up 8.27 points to finish at 5,806.17.
The transaction represents a major corporate milestone for Mynt, transforming the company from its origins as a basic text-based money transfer service into the seventh-largest listed entity on the local exchange, boasting a market capitalization of P441.5 billion. The massive P60.9-billion offering comprised 8.02 billion firm shares along with an overallotment option of 1.2 billion secondary common shares, bringing a premier fintech leader to the public market following a deliberate three-year preparation process.
For the market and investors, the debut highlights robust demand across both institutional and retail sectors, signaling strong public confidence in the local financial ecosystem. Local trading participants generated orders for over 2.65 billion shares against an allocated 1.6 billion, representing a 165 percent oversubscription. Furthermore, a total of 140,725 GCash subscribers purchased roughly P1.1 billion worth of IPO shares directly through the mobile application, effectively driving financial inclusion by enabling many first-time retail investors to own a direct stake in a major publicly traded enterprise.
Company leaders emphasized that public listing opens expanded avenues for future growth and digital financial adoption, particularly among lower- and middle-income segments that constitute nearly 90 percent of GCash’s customer base. Going forward, the company aims to leverage its listed status to scale its platform, deepen reach among unbanked populations, and enhance tech-driven services for everyday consumers across the nation.
