Ant International-Backed GCash Owner Mynt Wins Approval for Philippines Record $1.5 Billion IPO
- Mynt, the Philippine fintech unicorn backed by Ant International that operates the mobile financial services platform GCash, has secured regulatory approval from the Philippine Stock Exchange for an...
- According to a preliminary IPO prospectus filed on Friday, Mynt plans to offer 8.03 billion shares at a maximum price of 10 Philippine pesos each, which is equivalent...
- Formally known as Globe Fintech Innovations, Mynt operates GCash as one of the largest digital cashless ecosystems in the Philippines.
Mynt, the Philippine fintech unicorn backed by Ant International that operates the mobile financial services platform GCash, has secured regulatory approval from the Philippine Stock Exchange for an initial public offering of up to $1.5 billion, according to regulatory filings and market reports. If completed in full, the transaction will rank as the largest-ever stock market listing in the Philippines, eclipsing the previous benchmark set by Monde Nissin in 2021.
IPO Structure, Valuation, and Timeline
According to a preliminary IPO prospectus filed on Friday, Mynt plans to offer 8.03 billion shares at a maximum price of 10 Philippine pesos each, which is equivalent to roughly 16 cents, as reported by Dow Jones Newswires. Exercising the overallotment option in full could push total proceeds to $1.48 billion. Based on roughly 66.90 billion shares outstanding after the offering and the peak offer price, the transaction values Mynt at approximately $10.7 billion. The company plans to open order intake for investors on Oct. 6, running the offer period for one week before targeting a formal PSE listing date of Oct. 20, according to the prospectus. Advising banks on the transaction include Morgan Stanley, JPMorgan, and BPI Capital. Mynt is entering the market despite heightened uncertainty in global asset classes, which has been exacerbated by the ongoing U.S.-Iran conflict.
Scale and Backing of GCash Operator Mynt
Formally known as Globe Fintech Innovations, Mynt operates GCash as one of the largest digital cashless ecosystems in the Philippines. The mobile wallet and financial superapp serves 94 million users. In 2025, the platform processed 17 trillion pesos—equivalent to more than $270 billion—in gross transaction value, while handling an average of 56.7 million transactions daily, according to market data cited by Dow Jones Newswires. GCash allows users to pay bills, transfer money, and access a growing array of financial products spanning savings, credit, investment, and insurance. The platform also supports cross-border payments across more than 220 countries and territories through partner networks such as Ant Group’s Alipay+. Mynt’s ownership base includes Philippine telecom firm Globe Telecom with a 34% stake, alongside international backers such as Japan’s Mitsubishi UFJ Financial Group and private equity firm Warburg Pincus.
