Mynt, the parent company of Philippine digital payments platform GCash, made its stock market debut in Manila on Tuesday, raising $960 million in the country’s largest initial public offering to date.
GCash, with over 40 million monthly active users, offers services like payments, credit, savings, and bill management through its mobile app. Its shares opened 0.6% higher at 6.64 pesos, from a listing price of 6.60 pesos.
Cristina Ulang, head of research at First Metro Investment Corporation, believes the listing will place the Philippines on the ASEAN fintech map. “We used to be invisible,” she said, adding that GCash and Mynt will now serve as a barometer for the country’s digital economy.
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The IPO drew 140,725 GCash subscribers, many first-time investors. They invested a total of 1.1 billion pesos via the app’s GStocks PH service, offered in partnership with AB Capital Securities.
Philippine President Ferdinand Marcos praised the IPO for offering access to small shareholders, acknowledging the challenge of attracting fresh capital. He noted the timing as particularly meaningful, as the stock market seeks renewed investor interest.
Mynt, a joint venture between Globe Telecom, Ayala, and Alibaba’s Ant Group, plans to use the proceeds for digital financial services growth, product development, and general corporate purposes. It had previously secured over 20 domestic and foreign institutional investors, including Capital Research and Management Company and HSBC Global Asset Management (UK) Limited.
