Mynt, the parent company of Philippine mobile-money leader GCash, has filed for a proposed initial public offering in Manila that could raise up to PHP 92.3 billion, or approximately USD 1.5 billion. If completed at the top of the range, the transaction would become the largest IPO in the country's history, providing a landmark test of both domestic and international investor appetite for Philippine equity issuance.
The offering comprises up to 8.03 billion common shares at a maximum offer price of PHP 10 per share, plus an overallotment option of up to 1.20 billion additional shares. Expected timing is the fourth quarter of 2026, subject to approvals. Morgan Stanley, JPMorgan and UBS have been mandated as joint global coordinators, according to the company's disclosure.
SET TO SURPASS MONDE NISSIN RECORD
At the maximum size, the deal would surpass Monde Nissin's PHP 55.89 billion 2021 debut as the Philippines' largest IPO on record. The scale of the proposed offering reflects both the depth of investor interest in Southeast Asian digital financial services and the operational profile that GCash has built over more than a decade of expansion across the Philippine mobile-money and financial services market.
GCash reported 39.1 million monthly active users in 2025, while Mynt earned PHP 79.8 billion in revenue over the same period. Those metrics rank the group among the largest fintechs in the region and provide the underlying story that investment banks will take to institutional investors during marketing, alongside detailed disclosures on take rates, cost of service and the economics of the platform's various product lines.
The Monde Nissin comparison provides an important reference point for how far Philippine equity markets have grown since 2021, and how far single-issuer capacity has evolved in that time.
BOOKRUNNERS AND TIMETABLE
The engagement of Morgan Stanley, JPMorgan and UBS as joint global coordinators signals the intended global scope of the marketing effort. The trio is expected to work alongside domestic Philippine underwriters to distribute the offering to institutional investors in Asia, Europe and the United States, and to help price the transaction against comparable regional and global fintech listings.
Timing in the fourth quarter of 2026 aligns with the traditional window for large Southeast Asian equity issuance, which typically avoids the summer months and the year-end period. Achieving that timetable will depend on the pace of regulatory review by the Philippine Securities and Exchange Commission and by the Philippine Stock Exchange, as well as prevailing market conditions closer to the intended launch.
For the Philippine capital market, a successful IPO on the scale contemplated would represent a significant test of local absorptive capacity and a boost to Manila's positioning as a listing venue for the country's digital economy champions. Mynt's shareholders include a mix of local and international investors that have supported the platform through successive funding rounds, and the offering will provide those backers with a partial exit option alongside primary capital raising.
The pricing range in the filing is a maximum offer price, and the definitive terms of the offering, including the final size and price at which shares are ultimately sold, will be determined closer to launch based on investor demand and market conditions.