Mynt Inc. seeks up to $1.5B in what would be the Philippines’ largest IPO

The company behind GCash, the digital wallet used by roughly 94 million Filipinos, just took a major step toward going public. Mynt Inc. received board and shareholder approval on June 17 to file a registration statement with the Securities and Exchange Commission and list on the Philippine Stock Exchange.

If it goes through, this would be the largest IPO in Philippine history, with the company planning to raise between $1 billion and $1.5 billion by selling approximately 12% of its total outstanding shares. Mynt is targeting a post-IPO valuation of at least $8 billion.

What Mynt is actually selling

The offering will consist of a mix of primary and secondary shares. In plain terms, some of the shares will be newly created (raising fresh capital for the company), while others will come from existing shareholders cashing out a portion of their stakes.

Mynt executed a stock split ahead of the offering to widen its share base. The shares will carry a par value of three centavos each, which is the Philippine peso equivalent of a fraction of a US cent.

The company plans to sell approximately 9.23 billion shares in total. A filing with the SEC could come as soon as July 2026, with the listing anticipated for the second half of this year.

Discussions about taking Mynt public have been ongoing since late 2023.

GCash’s grip on the Philippines

GCash serves about 94 million users in a country of roughly 120 million people.

The crypto angle, or lack thereof

GCash has dipped its toes into digital assets. The platform supports USDC, the dollar-pegged stablecoin, giving its massive user base a gateway to crypto.

But the IPO itself has no direct connection to any cryptocurrency or token. There are no crypto tokens linked to the offering, no blockchain-based share structure, and no tokenized equity play. This is a straightforward traditional equity listing on a conventional stock exchange.

What this means for investors

The $8 billion target valuation positions Mynt as one of the most valuable fintech companies in Southeast Asia.

The risk factors are worth considering. The Philippines is a single-market play, meaning Mynt’s fortunes are tied to one country’s economic trajectory, regulatory environment, and competitive dynamics.

There’s also the concentration question. When you already serve 94 million users out of 120 million people, where does the growth come from? The answer likely lies in revenue per user rather than user growth, meaning Mynt needs to sell more financial products to its existing base rather than simply adding new accounts.

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