Global giants circle Mynt's GCash IPO as record-setting deal takes shape

Big-name demand and how the deal is being priced

Investors including BlackRock, Capital Group and Schroders are poised to join the IPO of Mynt, the company behind the Philippines' leading mobile wallet GCash, according to people who asked not to be named because the talks are private. The deal is being pitched around 6.50 pesos per share for approximately 9.23 billion shares, under the 10 pesos ceiling Mynt set in its June filing.

Why it could be the Philippines' biggest-ever listing

Even at a trimmed price, the raise is expected to land near 60 billion pesos, which would top the country's current IPO record set by Monde Nissin Corp. after it collected about 55.9 billion pesos in 2021. A blockbuster debut for a household brand with over 90 million registered users - roughly three quarters of the population - could jolt a market that has struggled with thin trading, exits from the exchange and shaky sentiment. It would also mark the first new listing in the Philippines this year.

Structure, timing and who owns Mynt now

The exchange signed off on an offer consisting of 1.61 billion primary shares and 6.42 billion secondary shares, plus an option to allocate up to 1.2 billion additional secondary shares. Pricing is slated for Oct. 1, the offer window runs Oct. 6 to 12, and a Philippine Stock Exchange listing is expected on Oct. 20. Beyond Globe, major owners are Ayala Corp., Ant International, and Mitsubishi UFJ Financial Group Inc. Proceeds are earmarked to scale digital financial services, fund product development and for general corporate needs. Spokespeople for Mynt and for Capital Group would not provide comment; BlackRock, Schroders and IFC had not replied as of press time.

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The backdrop and what to watch

Launched in 2004, GCash began life as a Globe Telecom Inc. service for sending money via text, and over time expanded beyond payments into credit, investing and savings, with adoption surging during the Covid era. The broader economy, once one of Southeast Asia's standouts, has cooled, pressured by the effects of the Iran war and by a domestic corruption scandal. If this listing lands as planned, it could be a confidence check for the local market and a signal of how much appetite there is for everyday fintech in a slowing economy. For your wallet, the takeaway is simple: when a platform used by tens of millions goes public, it can reshape the conversation around digital money where you live, spend and save.

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