GCash IPO prices at $7B; largest PH listing ever

Mynt, the parent company of GCash, has priced its IPO on the Philippine Stock Exchange at PHP 6.60 per share. The offering targets gross proceeds of up to PHP 60.9 billion (approximately $971 million) if the overallotment option is fully exercised. That overallotment scenario would make it the largest listing in PSE history, surpassing Monde Nissin's PHP 55.89 billion raise in 2021. Trading is scheduled to begin on 20 October 2026. The pricing came in below the initially approved ceiling of PHP 10 per share, which the PSE approved in September 2026, suggesting some moderation in investor demand or deliberate pricing strategy to support post-listing performance.

The $7 billion valuation is the base figure without overallotment. Full exercise of the greenshoe option does not change the valuation, only the proceeds raised.

GCash is the dominant e-wallet in the Philippines by active user count and transaction volume. For iGaming operators, it is also the most widely used deposit and withdrawal channel among Filipino players, despite BSP rules that prohibit direct payment links between e-wallets and gambling sites. Players route funds through intermediary steps, and GCash has not moved to close that flow aggressively.